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Wednesday , April 24 2019

KFAED signs $138m deal with Bahrain

The agreement being signed.
The agreement being signed.

The Kuwait Fund for Arab Economic Development (KFAED) signed Tuesday a $138 million agreement with the Bahraini government to fund development projects in the GCC country.

Deputy Director General of KFAED Hamad Al-Omar, who signed the agreement with Bahrain Minister of Finance Sheikh Ahmad bin Mohammad Al-Khalifa, told KUNA that a sum of $32 million will be used to develop infrastructure at the Salman industrial city, a key project for the growth of the Bahraini economy.

A sum of $106 million will be used to develop a housing project in Bahrain, said the KFAED top official. The fund previously provided $890 million in 2013 to develop projects in Bahrain. The total sum of agreements signed with Bahrain in the development domain had reached $996 million.

The estimated amount of Bahrain’s ambitious development project is at $4. 6 billion with KFAED contributing to about 21 percent. (KUNA)

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