Arab Fund for Economic and Social Dev. and Bahrain TieUp

The Kingdom of Bahrain and the Arab Fund for Economic and Social Development (AFESD) signed a financing agreement yesterday whereby the AFESD will contribute an amount of KD19 million (BD24.7 million). The agreement was sealed by Minister of Finance Shaikh Ahmed bin Mohammed Al Khalifa and Abdullatif Y. Al Hamad, fund director-general and chairman, at ministry premises.

The minister praised the continuous support provided by AFESD and other Arab development funds to leading development projects in the Kingdom of Bahrain. He also stressed the keenness of the government to accelerate implementation of infrastructure projects having a direct impact on the daily life of the people and playing a crucial role in fostering an investment-friendly environment.

According to the agreement, AFESD will contribute to financing the BD 74.2 million reconstruction of the Sitra causeway project, said Aref S. Khamis, ministry assistant undersecretary for financial affairs. The project aims at easing the traffic flow in Bahrain and facilitating the increasing land transport between Manama and Sitra.

It also enhances the overall road network in Bahrain. The signing ceremony was attended by Shaikh Ebrahim bin Khalifa Al Khalifa, ministry undersecretary, along with a number of ministry and AFESD officials.