UAE grants Bahrain $2.5 billion for development
Bahrain is to receive $3.5 billion form the UAE for development projects
Click here to add Abu Dhabi Fund as an alert
Disable alert for Abu Dhabi Fund,
Click here to add Finance Ministry as an alert
Disable alert for Finance Ministry,
Click here to add Foreign Ministry as an alert
Disable alert for Foreign Ministry,
Click here to add Mohammed Al Suwaidi as an alert
Disable alert for Mohammed Al Suwaidi,
Click here to add Shaikh Ahmed bin Mohammed Al Khalifa as an alert
Disable alert for Shaikh Ahmed bin Mohammed ...
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.
- Tunisia 2020 investment conference: 145 mega projects on offer
- Coca-Cola inaugurates $20M bottling plant in Gaza
- GCC tax on expats' income and remittances would be highly regressive: IMF
- 'The worst is over for Qatar's trade balance': BMI Research
- Sotheby's to open Dubai office as MENA falls for the lure of the auction
- IRIS unveils AED 2.5 billion residential development in Maritime City
- Bahrain signs Saudi-backed GCC development projects
- Bahrain: Saudi development fund grants $670m for infrastructure and housing projects
- Emaar investment in Morocco reaches AED 25.3 billion for six world class real estate developments
- Sudan receives $25 million UAE funding for electricity project