Bahrain will embark on projects worth nearly $4.43 billion involving the construction of thousands of houses and power facilities to benefit from a $10-billion aid package approved by its partners in a Gulf alliance three years ago, according to the country’s deputy prime minister.
Sheikh Khaled bin Abdullah Al Khalifa said the projects which would be launched shortly are intended to upgrade the island nation’s infrastructure and support the economy.
Quoted by the London-based Saudi Arabic language daily Asharqalawsat, he said around 49% of those funds, or nearly $2.18 billion, would be allocated to the construction of 2,548 houses in 2015, about 1,443 units in 2016 and 5,241 in 2017. The remaining funds of around $2.24 billion, would be channeled into other projects covering the water and power sector.
He said all the 9,232 housing units would be financed by three Gulf Cooperation Council (GCC) funds—the Kuwaiti fund for Arab economic development, the Saudi development fund and the Abu Dhabi development fund.
“Bahrain is in the process of launching projects worth nearly $4.43 billion to be financed through the GCC aid programme,” he said.