$489m Saudi fund for Bahrain
, Posted on 20-Mar-2017

$489m Saudi fund for Bahrain

Manama : The Saudi government will grant $489 million to finance four major projects in the Kingdom of Bahrain. An agreement to this effect was signed by Bahrain government and Saudi Fund for Development yesterday.

Shaikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, and Yousif bin Ebrahim Al Bassam, Vice President and Board Member of the Saudi Fund signed the agreement. The Ministers of Electricity & Water, Works, Municipalities Affairs & Urban Planning, and Housing also attended the ceremony.

The financial assistance is primarily to fund four major projects. 

They are: the $ 70-million housing project to construct 582 housing units in Wadi Al Sail and Galali; the $284-million road project to construct four roads; the $91-million electricity and water projects; and King Abdulla Medical City infrastructure works worth $ 44 million. 

The signing marks the launch of (Phase III) of the $2.5 billion Saudi grant within the Gulf Development Programme. The signing is an expression of the strong and historical bonds that unite the two countries, said Shaikh Ahmed bin Mohammed Al Khalifa after signing the deal.

Housing, road network set to improve

The minister said the Gulf Development Programme is a clear demonstration of the economic aspect of the joint co-operation between the GCC member states.

He highlighted the advantages of the projects to be financed, such as improving the quality of housing services, reducing traffic congestion, enhancing the efficiency of road network, and a significant development of infrastructure.

The finance minister also expressed his gratitude for the endless support extended to the development process in Bahrain by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness the Prime Minster Prince Khalifa bin Salman Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al-Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.

The Fund Vice President said that Phase III represents a successful continuation of the achievements reached during the two previous phases.  He also highlighted the contribution of the Gulf Development Programme in providing high quality services to the Bahraini citizens, and stressed that the projects accomplished so far demonstrate the success of this ambitious scheme.

The signing was attended by Aref S. Khamis, MOF Undersecretary and  several MOF and Saudi Fund officials. The Saudi Ambassador to Bahrain, Dr. Abdullah bin Abdulmalik Al-Shaik also attended the function.

DT News Network