QFFD announces additional $21.5m loan to GCC Interconnection Authority

Doha, Qatar: During the official launch ceremony of the electricity interconnection project in the Sultanate of Oman, Qatar Fund for Development (QFFD...

Doha, Qatar: 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 $21.5m 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 $100m to the project, bringing QFFD’s total contribution to $121.5m. 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 Qatar Fund for Development Fahad bin Hamad Al-Sulaiti, Ambassador of Qatar to Oman H E Sheikh Mubarak bin Fahad Al-Thani, Undersecretary of the Ministry of Energy and Minerals, and Chairman of the GCC Interconnection Authority, H E Mohsen bin Hamad Al-Hadrami, and CEO of the GCC Interconnection Authority H E Eng. Ahmed Al-Ibrahim.

In his opening remarks during the ceremony, Al-Sulaiti 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.”

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.”