Bahrain is set to receive the first tranche of a GCC development package aimed at helping boost vital housing, roads, electricity, water, industrial and social development projects.

Under an agreement, Kuwait's share of $2.5 billion, out of a total $10 billion GCC grant , will be sent in batches of $250 million per year.

It signals the first practical step towards implementation of the GCC Development Programme, ratified by the GCC leaders.

A framework agreement was signed yesterday at the Finance Ministry between Bahrain's government and the Kuwaiti Arab Economic Development Fund, which manages the grant made by Kuwait's government in compliance with a Cabinet resolution on June 11.

The agreement was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Kuwaiti Ambassador to Bahrain Shaikh Azzam bin Mubarak Al Sabah. Shaikh Ahmed described the agreement as a fruition of the directives of His Majesty King Hamad to accelerate the wheels of development and implement projects for citizens' welfare.

He expressed gratitude to His Majesty, HRH Prime Minister Prince Khalifa bin Salman Al Khalifa and HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Deputy Supreme Commander, for their constant support to the financial and economic sectors in the kingdom. – TradeArabia News Service