Bahrain, Saudi Fund ink two $25m financing deal

Two US$25 million Financing Grant Agreements were signed yesterday between the Government of Bahrain and the Saudi Fund for Development. The amount came within the implementation of Phase III of the share of Saudi Arabia (US$2.5 billion) in the Gulf Development Programme.

The agreements were signed by Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, and Khalid bin Sulaiman Al Khudairi, Vice President and Board Member, on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in Bali, Indonesia. The first agreement provides US$14.4 million to finance a new 2.8 km access road to ‘Lawzi Housing Scheme’ along with developing 4 intersections. More than 30 thousand residents will benefit from the project, which will reduce traffic congestion and enhance the efficiency of the intersections.

The second agreement is basically an amendment to the previous one signed between the two sides on 24th March 2014, on the financing of the project for the establishment of the Long Stay Care Centre, Muharraq, raising the amount of funding for the project by US$10.6 million to a total value of US$47.6 million. With a capacity of 100 beds, the project involves the construction of a fully equipped health centre for long-term conditions.