Kuwait to provide $1.3bn for Bahrain projects

KFAED

Kuwait will provide $1.3bn for development projects in fellow GCC country Bahrain, according to an official statement.The funds will be used to finance part of four development projects, including a power transmission network, housing projects and a key road, the state-owned Kuwait Fund for Arab Economic Development said.

KFAED, which was established to assist other Arab and emerging countries in developing their economies, initially agreed to the funding two years ago.

At a meeting in Riyadh in March 2011, the six GCC states agreed to establish a $20bn fund to finance development projects in Bahrain and Oman, which have limited energy resources.

The measure was taken in the wake of protests that swept several countries as part of the Arab Spring, which also hit Bahrain and to a lesser extent Oman.

Saudi Arabia, Qatar, Kuwait and the UAE each pledged $5bn, and the grants are to be spent over a 10-year period.

 [tbpspa]

 

Via : Kuwait Times

 

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