Islamic Bank to loan Bahrain $31 million for causeway
The Islamic Development Bank has reportedly committed to providing the government of Bahrain with a 11.8 million Bahraini dinars ($31.26 million) soft loan, according to Al-Ittihad daily. The loan is part of an agreement recently signed by Bahrain’s Minister of Treasury and National Economy Abdullah Hassan Saif and a Saudi-based bank.
The loan will be used to partially cover the costs of the BD 43 million ($114 million) causeway connecting Bahrain with the Gulf island of Muharraq. The causeway is being established within the framework of Shaikh Khalifa Bin Salman Bridge Project.
The Islamic Development Bank consists of 53 member-countries, with each country being a member of the Organization of the Islamic Conference. The Bank's principal office is located in Jeddah, Saudi Arabia. — (Mena Report)
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