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Phase II of Saudi Grant launched

Fin Minister signs $670mn grant agreements with Saudi Fund

DT News Network

Manama

In a move signalling sky-high prospects in the development of the Kingdom, Minister of Finance Shaikh Ahmed Bin Mohammed Al Khalifa yesterday signed four finance grant agreement worth $670 million. 

The agreements signed with the Saudi Fund for Development Vice President and Board Member Yousif bin Ebrahim Al Bassam at the Ministry of Finance premise marked the beginning of phase II of the $2.5bn Saudi grant as part of the Gulf Development Programme. 

The Gulf Development Programme is a scheme managed and supervised by the Ministerial Committee for Development and Infrastructure, chaired by Deputy Prime Minister HE Shaikh Khalid bin Abdulla Al Khalifa.

The agreements cover a wide range of projects, including $150mn for the construction of 1,247 housing units under Ramli Housing Project, $250mn for Bahrain Northern Road project, $200mn for 220/66 KV Electricity Network development and $70mn for the development of the Water Distribution Network. 

The Finance Minister noted the programme’s contribution to the housing sector, the infrastructure facilities and the overall development in Bahrain, and expressed gratitude for the political leadership for their support. 

He also praised the role of the Ministerial Committee for Development and Infrastructure in providing all necessary elements for the success of the Gulf Development Programme.

Yousif bin Ebrahim Al Bassam referred to the Saudi Fund for Development as a major channel of development assistance of Saudi Arabia to Bahrain. He said the Gulf Development Programme added “a new dimension to the deep-rooted co-operation between Bahrain and the Fund.”

He said that the main priority of the fund is to support vital projects that are part of the Bahrain’s strategic planning.