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FINANCIAL NEWS
Bahrain to receive USD1.3b from Kuwait’s KFAED
13 Apr 2013
(MENAFN) The Kuwait Fund for Arab Economic Development (KFAED) announced that the emirate will grant Bahrain USD1.3 billion to be spent on four development projects, reported Arabian Business.
According to KFAED, the projects comprise power transmission network, housing projects and a key road.
KFAED said that it endorsed the funding for the first time in 2011, at a meeting in Riyadh, where the countries of the Gulf Cooperation Council (GCC) pledged to set up a USD20 billion fund to provide finances to development projects in both Bahrain and Oman.
Each of Saudi Arabia, Qatar, Kuwait and the UAE promised to grant the two countries USD5 billion, with the amount to be spent during a period of 10 years.
It is worth noting that state-owned KFAED was founded to help other Arab and emerging countries in enhancing their economies.
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