Bahrain spends $4.4bn of GCC 'Marshall Plan' cash
First phase of projects use almost half of GCC's $10bn package
Bahrain has spent $4.434bn (BHD 1.7bn) of the $10bn GCC 'Marshall Plan' money it was given by the UAE, Kuwait, Saudi Arabia and Qatar on the first phase of development projects.
The figure was revealed by Deputy Premier and Ministerial Committee for Services and Infrastructure chairman Shaikh Khalid bin Abdulla Al Khalifa, Bahrains’ Gulf Daily News reported.
Al Khalifa praised the co-operation among GCC countries and their support of Bahrain through the financing of development plans in the country over 10 years.
He said that under the plan, the government does not receive money, but the ministerial committee prepares a list of projects, which receive funding from the donors.
Oman has also been the recipient of $10mn of development aid as part of the GCC Marshall Plan.
The plan was hatched following protests in Bahrain and Oman sparked by the Arab Spring and is aimed at boosting both countries’ economies in the hope of quelling unrest.
The original Marshall Plan was a US programme of aid to European countries in the aftermath of the Second World War to help the obliterated continent rebuild and prevent the spread of Soviet-style Communism.
It is named after US Secretary of State George Marshall.