Bahrain Inks Deals Worth $25 Million with Saudi Fund

Bahrain Inks Deals Worth $25 Million with Saudi Fund

Friday, 12 October, 2018 - 12:00
Manama- Obeid Al-Suhaimi
The Bahraini government has inked two deals worth $25 million with the Saudi Fund for Development (SFD).

The agreements were signed by the Minister of Finance of Bahrain Sheikh Ahmed bin Mohammed Al Khalifa and SFD, Vice President and Managing Director Khalid bin Sulaiman Al Khudairi on the sidelines of the annual meetings of the Board of Governors of the World Bank and International Monetary Fund held in Indonesia.

Signing these two agreements will increase the funds provided to Bahrain within the Gulf Cooperation Council development program to $2.5 billion, including $442 million for housing projects, $581 million for electricity and water development, $665 million for road networks, $93 million for sewage facilities, $69 million for healthcare, $85 million for education and $477 million for youth.

The first agreement funds extending new roads to Al Lawzi Housing, which is under construction, with a value of $14.4 million. The project will provide new roads to serve 30,000 residents and will contribute to reducing traffic.

The second agreement stipulates funding the project of constructing a long-stay care center at Muharraq through increasing the allocated funding to $47.6 million.

Al Khalifa affirmed that signing the two agreements falls within moving forward in achieving vital projects that reflect positively on citizens and provide an adequate environment to push economic and social development.

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