Finance Minister signs agreement

Kuwait, Apr7(BNA) The Kingdom of Bahrain has today signed a multi-million agreement with the Kuwait Fund for Arab Economic Development (KFAED). Under the deal, Bahrain will receive $ 196 million, as part of The GCC Gulf Development Programme, to construct and revamp the road network leading to the North Bahrain new town. Finance Minister Shaikh Ahmed bin Mohammed Al-Khalifa signed the agreement in Kuwait with the (KFAED) General Manager Abdulwahab Ahmed Al-Badr. Work on the infrastructure project is scheduled to kick off within the second quarter of this year. New avenues will be constructed and the existing ones will undergo a major facelift to accommodate the ever-increasing traffic movement and ease road congestions. The infrastructure project includes three avenues and new flyovers linking the North Town to the northwestern regions in Bahrain. The existing 36-kilometre long road network leading to the North Town will also be revamped and expanded. Deputy Premier, Head of the Ministerial Committee for Reconstruction and Infrastructure, Shaikh Khalid bin Abdulla Al-Khalifa, stressed the importance of the agreement which bolsters GCC unity and pushes Bahrain-Kuwait cooperation forward. He paid tribute to His Majesty King Hamad bin Isa Al-Khalifa and the Amir of Kuwait His Highness Shaikh Sabah Al-Ahmed Al-Jaber Al-Sabah for their keenness on strengthening joint relations for the sake of the two countries and peoples' interests. He lauded the Saudi, Kuwaiti and UAE Governments for complying with the decision was taken by the GCC leaders in 2011 to fund mega development projects worth $7.5 billion over ten years. This is the sixth agreement sealed between Bahrain and the Kuwait Fund for Arab Economic Development (KFAED) under the first stage of the multi-phased GCC Gulf Development Programme.