Friday, March 17, 2017

Bahrain, Saudi Arabia to sign projects worth $533m

Bahrain and Saudi Arabia will sign nine agreements on funding projects worth SR2 billion ($533 million) in the housing, roads, water, electricity and other infrastructure sectors in Bahrain, a report said.

The projects implemented by the Saudi Fund for Development, Saudi Ambassador to Bahrain Dr Abdullah bin Abdulmalik Al Shaikh noted in an interview with Bahrain News Agency (BNA).

He added that a delegation, led by the fund’s deputy president Yusef bin Ibrahim Al-Bassem, will visit Bahrain on March 18 to attend the signing of the agreements.

He also underlined the role of the Gulf Development Fund in embodying cohesion between the GCC member states and joint economic cooperation.

In June 2015, Saudi Arabia allocated funding worth $670 million to pay for housing, road, power and water projects in Bahrain. It was the second instalment of a $2.5-billion grant from Saudi Arabia, which was pledged as part of the $10-billion Gulf Development Fund.

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