HRH the Premier
Bahrain inks $448m financing with Saudi fund
Manama, December 31, 2012
Bahrain has signed six financing agreements totalling $448 million with the Saudi Development Fund to support a number of infrastructure projects as part of the GCC Development Programme.
These include the construction of 1,560 housing units at Al Dur, six new schools and a number of infrastructure projects, said a report in our sister publication, the Gulf Daily News.
The grant will be used for the Shaikh Khalifa bin Salman Interchange between roundabouts 13 and 18, the Muharraq Ring Road Phase I, and the partial funding of the Tubli Sewage Treatment Plant Expansion Phase 4 and the Water Transmission Network.
This agreement is part of phase I of the financing grant of $500 million for two years.
The deal was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Fund vice-president and board member Yousif bin Ebrahim Al Bassam.
Saudi Arabia acting Ambassador to Bahrain Mohammed Al Budaiwi, Finance Ministry Under-Secretary Aref Saleh Khamis and officials from the Fund and the ministry attended.
Chairing the weekly Cabinet session, HRH Prime Minister Prince Khalifa bin Salman Al Khalifa hailed the deals.
The session commended the GCC's financial support for Bahrain, which reflects strong ties and solid co-operation between member states.
It also paid tribute to Saudi Arabia, led by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for backing development programmes in Bahrain. – TradeArabia News Service