UAE and Bahrain sign development agreement

Within the framework of the Gulf Development Programme which was previously endorsed by the leaders of the Co-operation Council for the Arab States of the Gulf (GCC), the United Arab Emirates will provide a $ 2.5 billion grant to support development projects in Bahrain in the sectors of housing, electricity & water, infrastructure and social services. The grant will be delivered throughout the next 10 years on annual basis of $ 250 million. A Memorandum of Understanding (MOU) was signed in this respect by H.E. Shaikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance and H.E. Mohammed S. Al Suwaidi, Acting Director of the Abu Dhabi Fund for Development. The Minister expressed gratitude for the support extended to the development process in Bahrain by the UAE and commended the Gulf Development Programme as a clear demonstration of the economic progress of the GCC and the strong bonds between its member states and peoples. He stated that the projects financed by the grant would be identified in accordance between the Bahrain Government and the Abu Dhabi Fund and would represent a boost to the national economy and to the overall development efforts in the Kingdom. He concluded hailing the tremendous support extended to financial and economic sectors in Bahrain by His Majesty King Hamad bin Isa Al Khalifa, His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Deputy Supreme Commander. The Abu Dhabi Fund Acting Director stressed that the grant reflected the keenness of his country to support Bahrain in all fields and would provide financing to vital projects in the Kingdom, which entered a new phase of development as a vibrant regional centre for finance, business, tourism and services.