Bahrain to spend $5.6bn on housing units
GCC "Marshall Plan" to fund construction of tens of thousands of homes
Bahrain has announced plans to spend $5.59bn (BHD 2.1bn) on the construction of over 50,000 houses in the next five years, Trade Arabia News Service reports.
Bassem Al Hamer, Bahrain’s Housing Minister, announced the plans at a joint session of the country’s National Assembly on Tuesday.
The project will be funded through the $10bn (BHD 3.8bn) 'Marshall Plan' earmarked for the country by other GCC states. Kuwait recently formally pledged its $2.5bn contribution earlier this month via ten yearly $250m payments.
The five-year housing strategy will see 47,000 units built, along with 10,000 others through alternative housing programmes in partnership with the private sector.
In a bid to bring the waiting period for housing to under five years, the Government will allocate 46% of the GCC financial lifeline to fund such projects.
Bahrain’s Industry and Commerce Ministry also unveiled plans to reclaim land to the south-east of Salman Industrial City to provide plots for industrial projects.