Kuwait signs KD8.8 million Loan for hydroelectric power plants in Cuba
Kuwait - QNA
The Kuwait Fund for Arab Economic Development (KFAED) signed on Saturday a loan agreement, worth KD 8.8 million, with Cuba to finance about 34 hydroelectric power plants there.
The project aims to make use of existing water reserve behind dams to generate electricity and provide thermal fuel so as to reduce greenhouse gas emissions, in addition to expand and improve electrical services for the rural areas, said a statement issued by Kuwait's Embassy in Cuba, of which (KUNA) received a copy.
This contributes to providing social services, achieving rural development, promoting agricultural production and reducing migration to big cities across in the country, the statement added.
The deal was signed by KFAED Director General Abdulwahab Al-Bader and Cuban Deputy Finance Minister Felix Martinez.