KFAED Signs $138M Deal with Bahrain

The Kuwait Fund for Arab Economic Development (KFAED) signed Tuesday a USD 138 million agreement with the Bahraini government to fund development projects in the GCC country.

Deputy Director General of KFAED Hamad Al-Omar, who signed the agreement with Bahrain Minister of Finance Sheikh Ahmad bin Mohammad Al-Khalifa, told Kuwait news agency KUNA that a sum of USD 32 million will be used to develop infrastructure at the Salman industrial city, a key project for the growth of the Bahraini economy.

A sum of USD 106 million will be used to develop a housing project in Bahrain, said the KFAED top official. The fund previously provided USD 890 million in 2013 to develop projects in Bahrain. The total sum of agreements signed with Bahrain in the development domain had reached USD 996 million.

The estimated amount of Bahrain's ambitious development project is at USD 4.6 billion with KFAED contributing to about 21 percent.

Source : QNA