Two financing agreements with a total value of more than US$ 1 billion have been signed earlier today at the premises of the Ministry of Finance (MOF), between the Government of the Kingdom of Bahrain and the Kuwait Fund for Arab Economic Development (KFAED). The signing came as part of the grant provided by Kuwait within the Gulf Development Programme.
The signing complements similar steps undertaken with both Saudi Arabia, represented by the Saudi Fund for Development (SFD), and United Arab Emirates, represented by Abu Dhabi Fund for Development (ADFD).
The first agreement involves an amendment to one that was previously signed between the two parties with regard to “Housing Projects at Al Madina Al Shamaliya and East Hidd”. Under the new provision, the total amount will reach US$ 996 million, in order to finance additional housing units in the project and associated infrastructure works.
Infrastructure works for “Salman Industrial City” were the subject of the second agreement, with a total value of US$ 32 million. This includes improvement and rehabilitation of roads, water, drainage and sewerage networks.
The agreements were signed by H.E. Shaikh Ahmed Bin Mohammed Al Khalifa, the Minister of Finance, and H.E. Hamad Suleiman Al Omar, Deputy Director General of the Fund. H.E. Shaikh Azam Mubarak Al Sabah, the Kuwait Ambassador to Bahrain also attended the signing ceremony.
The Finance Minister said that the move reflects the consistency of the development process in Bahrain, where priority is given to vital sectors and projects that improve people’s daily lives and foster the competitiveness of the national economy. Expressing deep gratitude for the support extended to such process by Kuwait, he commended the ongoing co-operation with the Kuwait Fund, and referred to it as a shining example of the historic bonds that unite the two countries.
He concluded by hailing the guidance and clear vision of His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister. He stressed that they are the driving force behind every achievement reached, both in the financial and economic domain and in all other sectors.
H.E. Hamad Suleiman Al Omar, expressed his pride for the role of the Fund in developing further co-operation between his country and Bahrain. He said that the signing builds on a long standing effort aiming at supporting Bahrain’s infrastructure and its economic and social development process as a whole.
Bahrain and the Kuwait Fund have already signed seven agreements in the last three years, involving a wide range of projects in the housing, works, electricity and social development sectors, with a total value of US$ 2.3 billion.