Bahrain, Kuwait Fund for Arab Economic Development sign $1bn worth agreements

Manama : Two financing agreements with a total value of more than US$ 1 billion have been signed between the Government of the Kingdom of Bahrain and the Kuwait Fund for Arab Economic Development on the premises of the Ministry of Finance (MOF).  The signing came as part of the grant provided by Kuwait within the Gulf Development Programme.

The first agreement involves an amendment to the previously signed one regarding “Housing Projects at Al Madina Al Shamaliya and East Hidd”. Under the new provision, the total amount will reach US$ 996 million, in order to finance additional housing units in the project and associated infrastructure works. 

Infrastructure works for Salman Industrial City was the subject of the second agreement, with a total value of US$ 32 million. This includes improvement and rehabilitation of roads, water, drainage and sewerage networks.

 The agreements were signed by Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, and Hamad Suleiman Al Omar, Deputy Director General of the Fund. Shaikh Azam Mubarak Al Sabah, the Kuwait Ambassador to Bahrain, also attended the signing ceremony.

The signing complements similar steps undertaken with both the Saudi Fund for Development (SFD), and United Arab Emirates, represented by Abu Dhabi Fund for Development (ADFD).

The Finance Minister said that the move reflects the consistency of the development process in Bahrain, where priority is given to vital sectors and projects that improve people’s daily lives. Expressing deep gratitude for the support extended by Kuwait, he referred the ongoing co-operation as a shining example of the historic bonds that unite the two countries.  

He concluded by hailing the guidance and clear vision of King His Majesty King Hamad bin  Isa  Al  Khalifa, Prime MinisterHRH  Prince  Khalifa  bin Salman  Al  Khalifa,  and Crown Prince,  Deputy Supreme Commander and First Deputy Prime Minister HRH  Prince  Salman  bin  Hamad Al  Khalifa. 

He stressed that they are the driving force behind every achievement reached, both in the financial and economic domain and in all other sectors.

Bahrain and Kuwait have already signed seven agreements in the last three years, involving a wide range of projects in the housing, works, electricity and social development sectors, with a total value of US$ 2.3 billion.