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Saudi funds Bahraini development projects worth 670 mln USD

Xinhua, June 15, 2015 Adjust font size:

A multi-million-dollar agreement between Bahrain and Saudi Arabia was signed Sunday through which Saudi will fund projects worth 670 U.S. million dollars in Bahrain.

Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa signed the agreement with Yousif bin Ebrahim Al Bassam, Saudi Fund for Development Vice President and Board Member.

The funds will be utilized for development projects in Bahrain such as for energy, housing and expanding road and water networks.

The signing Sunday marked the start of the second phase of the Saudi Grant of 2.5 billion dollars attributed within the framework of the Gulf Development Program.

The Finance Ministry in a statement said the agreements will cover a wide range of projects: 150 million dollars for the construction of 1,247 Housing Units; 250 million dollars for the Bahrain Northern Road project; 200 million dollars for 220/66 KV Electricity Network development consisting of several transmission stations and 70 million dollars to develop the Water Distribution Network.

The Minister commended the projects' "contribution to the housing sector, infrastructure facilities, and the overall development process in the Kingdom of Bahrain."

Mr. Al Bassam referred to the Saudi Fund for Development as the main channel for his country to deliver development assistance to Bahrain and said that the Gulf Development Program added a new dimension to the deep-rooted co-operation between Bahrain and the Fund.

"The Fund's main priority is supporting vital projects involved in the strategic planning of the Bahraini Government," said Mr. Al Bassam.

GCC countries namely the UAE, Saudi, Kuwait and Qatar pledged to donate 10 billion dollars each to Bahrain and Oman for development projects, following the aftermath of the political unrest in Tunisia, Libya, Egypt and Syria in 2011.

Bahraini officials have previously said that a large part of the fund granted in the first phase was utilized in the housing sector. Endit