Two agreements signed with Saudi Fund for Development

Bali, Oct. 11 (BNA): Two $25 million Financing Grant Agreements were signed today between Bahrain’s government and the Saudi Fund for Development. The amount came within the implementation of Phase III of the share of Saudi Arabia ($ 2.5 billion) in the Gulf Development Programme. The agreements were signed by Shaikh Ahmed bin Mohammed Al Khalifa, Finance Minister, and Khalid bin Sulaiman Al Khudairi, Vice President and Board Member of Saudi Fund for Development. On the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in Bali, Indonesia. The first agreement provides $14.4 million to finance a new 2.8 km access road to ‘Lawzi Housing Scheme’ along with developing four intersections. More than 30,000 residents will benefit from the project, which will reduce traffic congestion and enhance the efficiency of the intersections. The second agreement is an amendment to the previous one signed between the two sides on March 24, 2014, on the financing of the project for the establishment of the Long Stay Care Centre, Muharraq, raising the amount of funding for the project by $10.6 million to a total value of $47.6 million. With a capacity of 100 beds, the project involves the construction of a fully equipped health centre for long-term conditions.