Bahrain and Kuwait Fund sign agreements worth $39m
The financing agreements cover the development of two community welfare projects in Bahrain, and were signed on the sidelines of the Joint Annual Meeting of Arab Financial Institutions
The government of Bahrain has signed two agreements with the Kuwait Fund for Arab Economic Development (KFAED).
The financing agreements – worth $39m – cover the development of two community welfare projects in Bahrain, and were signed on the sidelines of the Joint Annual Meeting of Arab Financial Institutions, held from 18 to 19 April, 2017, in Rabat, Morocco,
Under the terms of the first agreement, KFAED will provide $19m to finance the Community Welfare Complex at Hamad Town. The complex comprises four social care centres and aims to provide succour and shelter to target groups.
The second agreement, meanwhile, will finance the $20m Comprehensive Community Services Complex at Isa Town, a project that aims to improve the quality of social services provided to the elderly and people with special needs. It also aims to raise awareness on how to care for people belonging to those two categories.
Shaikh Ahmed bin Mohammed Al Khalifa, Finance Minister of Bahrain, described the projects as a clear demonstration of the government’s keenness to cement the social aspect of its financial policies.
According to the ministry, the agreements represent the final portion of Kuwait’s $2.5bn grant to Bahrain under the Gulf Development Programme. The other allocations under the programme include $996m for housing; $940m for electricity and water; $334m for roads; $136m for sewerage; $62m for social development; and $32m for industry.