US$ 670 m Grant Agreements signed with Saudi Fund

Manama, June 14 (BNA): Minister of Finance Shaikh Ahmed Bin Mohammed Al Khalifa, and the Saudi Fund for Development Vice President and Board Member Yousif bin Ebrahim Al Bassam signed earlier today at the premises of the Ministry of Finance four Financing Grant Agreements with total value of US$ 670 million. The signing marks the beginning of Phase II of the US$ 2.5 billion Saudi Grant attributed within the framework of the Gulf Development Programme; a scheme managed and supervised by the Ministerial Committee for Development and Infrastructure, chaired by Deputy Premier Shaikh Khalid bin Abdulla Al Khalifa. The agreements cover a wide range of projects as follows: US$ 150 million for the construction of 1,247 Housing Units (Ramli Housing Project). US$ 250 million for Bahrain Northern Road project. US$ 200 million for 220/66 KV Electricity Network development consisting of several transmission stations. US$ 70 million for the development of the Water Distribution Network. The Minister commended the projects’ contribution to the housing sector, the infrastructure facilities, and the overall development process in the Kingdom of Bahrain and expressed deep gratitude for the political leadership for supporting such process. He also praised the role of the Ministerial Committee for Development and Infrastructure in providing all necessary elements for the success of the Gulf Development Programme. Yousif bin Ebrahim Al Bassam referred to the Saudi Fund for Development as the main channel for delivering the development assistance of his country to Bahrain and said that the Gulf Development Programme added a new dimension to the deep-rooted co-operation between Bahrain and the Fund. He said that the main priority of the Fund is to support vital projects that make part of the strategic planning of the Bahrain Government.