Clarity sought on Manama souq renovation project
Manama : Bahrain Chamber of Commerce and Industry (BCCI) needs to clarify the progress made on the Manama Traditional Market (Manama souq) renovation project and the budget allocated to it, an activist has urged.
Manama Traditional Market Committee Deputy Chairman Mahmood Al Namliti said that BCCI needs to clarify the budget allocated for the revamp project amid rumours that the chamber is reviewing the funds allocated for the projects. The renovation project has a budget of BD6 million with BD3 million coming from the Ministry of Industry, Commerce and Tourism while the remaining is poised to come from the BCCI.
According to Namliti, there is a lack of clarity about the BCCI part of the funding.
Namliti said that the chamber must clarify if it will use its own funds or funds from sponsors. He urged the chamber to use its own funds for the project, rather than from private sector sponsors, adding that any funding from private sector should be seen as a bonus rather than as part of the BD3 million pledged by the BCCI.
“Now there are concerns that the funds allocated will be restructured after a review. While previously it was agreed that BD3 million would be funded by the chamber, now there are suggestions that the chamber will have to seek banks and private sector companies to get funding. I think any additional funding received from private sector should be seen as a bonus and in addition to the original BD3 million pledged by the chamber,” he said.
“We also need clarity on the progress of the project. The work needs to start, a detailed plan has already been made now it needs to be executed,” he said.
“Manama souq is an important part of Bahrain. It is the face of the culture and tradition of Bahrain. Any investment that goes there will not only benefit the Souq, but also the whole country,” he added.
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