The GCC Interconnection Authority (GCCIA), which owns and manages the Gulf electrical interconnection network, said it has formalised a second financing agreement worth KD35 million ($114 million) with the Kuwait Fund for Arab Economic Development, for the strengthening of the Gulf electricity interconnection system. 
The project is aimed at boosting the national electrical networks of GCC countries and help extend it to the southern Iraq network as well as increase reliability to ensure the sustainability of electrical energy at all times, said GCCIA in a statement.
The agreement was signed by Abdullah Al Yahya, Minister of Foreign Affairs- Kuwait and Chairman of the Board of Directors of the Kuwait Fund, and Engineer Ahmed Al Ebrahim, the CEO of GCCIA.
Al Ebrahim had early this year said that GCCIA was studying new projects to strengthen the internal network of the Gulf countries and expand connection with Bahrain and Qatar.
The Authority expects to see a package of mega projects worth $2 billion over the next five years, he added.