Bahrain & Kuwait ink $940m electricity deal
The agreement to develop electricity networks in the kingdom is part of a GCC plan to support the country’s economy in the wake of low oil prices
Bahrain and Kuwait have signed a $940m deal to develop electricity networks in the island kingdom, according to reports.
Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa signed the deal with the Kuwait Fund for Arab Economic Development director Abdulawahab Al Bader, Gulf Daily News reported, as cited by Arabian Business.
Al Bader was quoted as saying the agreement was part of a GCC support plan for Bahrain in the wake of low oil prices.
The kingdom's deficit for this year and next could rise by up to two thirds to $13.2bn (BD5bn) - as the country continues to feel the strain of the oil price slump, it was reported.
Shoura Council Financial and Economic Affairs Committee chairman Khalid Al Maskati said in January at Bahrain's budget deficit was forecast to increase by around 66% in 2016.