Kuwait to bankroll Bahraini development
Kuwait will finance development projects worth $1.3 billion in Bahrain over the next few years, a report said.
The funds will be used to finance part of four developments, including power transmission networks, housing projects and a key road, the state owned Kuwait Fund for Arab Economic Development was quoted as saying in the Gulf Daily News, our sister publication.
Fund officials signed the agreements with Bahrain’s Foreign Minister Shaikh Khalid bin Ahmed Al Khalifa.
At a meeting in Riyadh in March 2011, the GCC states decided to set up a $20 billion fund to finance development projects in Bahrain and Oman.
- United Arab Bank makes AED250,000 contribution to Al Thiqah Club for the Handicapped
- Opening up: is Saudi Arabia's stock market ready for an upgrade?
- Severe symptom of a savings gap? Turkey leads Europe in credit card debt
- Gulf stocks facing some serious 'downward pressures'
- Long-anticipated hike: Dollar on track for best annual gain in nine years