Kuwait signs Bahrain infrastructure finance deal

$2.5bn allocated to development projects over 10-year period

NEWS, Business, Bahrain, Grant, Infrastructure spending, Kuwait

The money represents Kuwait's share of a $20bn package agreed by Culf Co-operation Council ministers for investment in infrastucture in Bahrain and Oman back in March, and approved by Juwait's cabinet in June.

Bahrain News Agency said that the agreement was signed by finance minister, HE Shaikh Ahmed bin Mohammed Al Khalifa and Kuwait's ambassador HE Sheikh Azzam bin Mubarak Al-Sabah.

The money will be provided as grant funding in ten yearly tranches of $250m. These will be used to finance housing, roads, electricity, water, industrial and social infrastructure projects.

Sheikh Al Khalifa said the money would have a direct positive bearing on project implementation and would boost development in the Kingdom.

The general director of the Kuwaiti Arab Economic Development Fund , Abdulwahab Ahmed Al-Badr, said that its task requires intensive coordination with officials in Bahrain's Ministry of Finance and other relevant ministries in order to see the joint initiative succeed, which he described as "building the future and expending on the future".

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