Saudi, Bahrain ink $670 contracts on megaprojects

June 15, 2015 1:26 PM

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Saudi, Bahrain ink $670 contracts on megaprojects

Saudi and Bahrain signed four agreements on Monday for financing major projects in Bahrain, with a total value of $670 million, according to Bahrain News Agency.

The agreements were inked by Bahraini finance minister Ahmed Bin Mohammed Al Khalifa and vice president of Saudi Fund for Development Yousif bin Ebrahim Al Bassam, marking the beginning of Phase II of the $2.5 billion Saudi grant attributed within the framework of the Gulf Development Programme; a scheme managed and supervised by the Ministerial Committee for Development and Infrastructure.

A total of $150 million will be allocated for the construction of 1,247 Housing Units (Ramli Housing Project); $250 million for Bahrain Northern Road project; $200 million for 220/66 KV Electricity Network development consisting of several transmission stations; and $70 million for the development of the Water Distribution Network.

Source: english.mubasher.info

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