UAE grants Bahrain $2.5 billion for development
The UAE has granted Bahrain $2.5 billion to help fund development projects.
The money - to be disbursed over 10 years on an annual basis of $250 million - will pay for projects in housing, electricity, water, infrastructure and social services.
A memorandum of understanding in this regard was signed yesterday by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and acting director of the Abu Dhabi Fund for Development Mohammed Al Suwaidi.
The projects will be identified by the government in co-ordination with the Abu Dhabi fund.
The minister expressed gratitude to the UAE for supporting Bahrain's development process and commended the programme as clear evidence of the economic progress made by the GCC and the strong bonds between its member states.
Mr Al Suwaidi said the grant would finance vital projects in the kingdom which enters a new phase of development as a vibrant centre for business, tourism and services.
The grant is part of the GCC Marshall Plan, through which Bahrain will receive $10bn in aid from four countries over the next 10 years.
Meanwhile, Shaikh Ahmed said the Finance Ministry was also communicating with the Foreign Ministry over the final grant of $2.5bn from Qatar.
"We have finished signing three agreements with Kuwait, Saudi Arabia, and UAE, and we are in direct contact with the foreign ministry to make arrangements regarding the fourth instalment with Qatar," he said.
- Worth a gasp? Abu Dhabi’s inflation already up 2.1% in 2014's first two months
- What's the attraction? IIF says UAE’s economic stability wooing foreign capital investment
- Public-private partnerships may be key to take Gulf's economic growth to next level
- Blame it on the women: Why KSA businesses are saying govt feminization program costing them millions
- Kazakhstan calling: Astana looking to target $5 billion in investments from UAE