New initiatives to spur growth in Bahrain

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Bahrain continues to introduce developmental initiatives that drive growth and deliver on the aspirations of His Majesty King Hamad, the Crown Prince said yesterday, adding that these efforts create new opportunities for citizens.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, was speaking as he received Abdulwahab Ahmed Al Bader, director general of the Kuwait Fund for Arab Economic Development (KFAED).

The Crown Prince noted Kuwait’s continuous support to Bahrain, which reflects the depth of longstanding bilateral relations between the countries.

He also commended Kuwait’s efforts to stimulate regional development.

The meeting was attended by Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa and Electricity and Water Affairs Minister Wael bin Nasser Al Mubarak.

Bahrain and KFAED yesterday signed a $100 million agreement to partially finance the expansion of the kingdom’s electricity network.

The signing was held under the patronage of Deputy Prime Minister and chairman of the ministerial committee for financial and economic affairs and fiscal balance Shaikh Khalid bin Abdulla Al Khalifa, in the presence of Kuwaiti Ambassador Shaikh Thamer Jaber Al Sabah.

The Finance and National Economy Minister and the Electricity and Water Affairs Minister signed the agreement on behalf of Bahrain, while KFAED was represented by Mr Al Bader.

The agreement includes financing for a portion of the 400kV transmission network development project, which comprises the construction of three 220/400kV substations, and the installation of ground cables to connect existing and new substations. These works will strengthen Bahrain’s national grid.

Speaking on the occasion, Shaikh Salman thanked Kuwait for its unlimited support to Bahrain’s development process, and praised historical ties between the two countries and their peoples. He also noted the important role played by the KFAED in supporting economic development across the Arab world.

Mr Al Mubarak said the agreement is aimed at achieving the kingdom’s long-term plans to secure electricity and water resources that support sustainable economic growth, in line with Bahrain Economic Vision 2030.

The project will increase the capacity and efficiency of electricity transmission, reduce the occurrence of electricity shortages, and ensure the safe operation of equipment, he said.

The project will also contribute to facilitating the exchange of electric power with the GCC networks, the minister added.

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