Thursday, Oct 11, 2012
BEIRUT (Zawya Dow Jones)--State-run Kuwait Fund for Arab Economic Development, or KFAED, has signed an initial agreement with the Bahraini government under which the Kuwaiti government will provide a grant of $273 million for two projects in Bahrain, the state-run Kuwait News Agency, or KUNA, said Thursday.
The first project involves expanding and upgrading Bahrain's electricity network and aims to reduce power outages and facilitate the linking of this network to the grid of the Gulf Cooperation Council, or GCC, Nawaf Al Mehmel, legal adviser and head of the fund's delegation, told KUNA. The project will take three years to be completed and its cost, totaling $800 million, will be financed by grants from other GCC states, including Kuwait whose share will be $250 million, he added.
The second project involves building facilities for people with disabilities over two years at an overall cost of $23 million that will be totally covered by a grant from Kuwait, Mr. Mehmel told the new agency.
The GCC ministerial council approved last year the allocation of $10 billion to Bahrain and a further $10 billion to Oman to finance development projects in these two GCC states over 10 years, KUNA said.
Write to Beirut Bureau at djnews.dubai@dowjones.com
(END) Dow Jones Newswires
11-10-12 1441GMT
