Muscat, February 02 (QNA) - During the official launch ceremony of the electricity interconnection project in the Sultanate of Oman, Qatar Fund for Development (QFFD) announced the provision of an additional loan of USD 21.5 million to the GCC Interconnection Authority to support the implementation of the electricity network works within the Sultanate.
This additional financing builds on QFFD's earlier loan of USD 100 million to the project, bringing QFFD's total contribution to USD 121.5 million. The announcement reaffirms QFFD's commitment to supporting strategic infrastructure initiatives that enhance regional integration and advance sustainable development objectives across the Gulf Cooperation Council (GCC) countries.
The ceremony was attended by Director General of QFFD, Fahad bin Hamad Al Sulaiti; HE Ambassador of the State of Qatar in Muscat, Sheikh Mubarak bun Fahad Al-Thani; HE Undersecretary of Oman's Ministry of Energy and Minerals and Chairman of the GCC Interconnection Authority, Mohsen bin Hamad Al-Hadrami; and HE Chief Executive Officer of the GCC Interconnection Authority, Eng. Ahmed Al-Ibrahim.
In his opening remarks during the ceremony, the Director General of QFFD, stated: "This additional financing reflects QFFD's firm commitment to supporting vital energy infrastructure projects, recognizing their fundamental role in enhancing regional integration and advancing sustainable development pathways, while contributing to economic and social stability across the region."
HE Undersecretary of the Omani Ministry of Energy and Minerals and Chairman of the GCC Interconnection Authority, Mohsen bin Hamad Al-Hadrami stated: "The Gulf electricity interconnection has proven over more than two and a half decades to be one of the most successful models of joint Gulf action, as it has contributed to enhancing the reliability of electrical networks and achieving significant economic savings for the GCC countries." He also explained that the direct link project with the Sultanate of Oman enhances the depth of the Gulf network, increases its operational flexibility, and embodies a distinguished model of Gulf partnership in financing vital infrastructure projects, supporting energy transformation and sustainable development in the region.
Adding on to his part, HE CEO of the GCC Interconnection Authority, Eng. Ahmed Al-Ibrahim continued: "The project will achieve significant operational and economic benefits, enhance the reliability of the Gulf electricity networks in light of the transition to renewable energy, increase the capacity to exchange electricity between member states, and embody the Authority's ability to transform the strategic vision of the leaders of the GCC countries into executive projects with a tangible impact"
This cooperation reflects the continued role of the State of Qatar in strengthening regional partnerships and supporting infrastructure initiatives that enhance the integration of Gulf energy networks and improve the efficiency and resilience of electricity systems, with positive impacts on economic development and sustainability across the region. (QNA)