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The Kuwait Fund for Arab Economic Development has signed a loan agreement with GCC Interconnection Authority (GCCIA) for 35 million dinars ($115 million), Kuwaiti state agency, KUNA, reported on Thursday.
GCCIA is a joint stock exchange company subscribed by the six Gulf states. It aims to become a global hub in grid interconnections focusing on innovation, sustainability and create a dynamic electricity market for the region and beyond.
The Kuwait Fund extends loans on concessionary term to finance development projects in the developing countries.
(Writing by Seban Scaria; editing by Daniel Luiz)
