Kuwait to bankroll Bahraini development

Kuwait will finance development projects worth $1.3 billion in Bahrain over the next few years, a report said.

The funds will be used to finance part of four developments, including power transmission networks, housing projects and a key road, the state owned Kuwait Fund for Arab Economic Development was quoted as saying in the Gulf Daily News, our sister publication.

Fund officials signed the agreements with Bahrain’s Foreign Minister Shaikh Khalid bin Ahmed Al Khalifa.

At a meeting in Riyadh in March 2011, the GCC states decided to set up a $20 billion fund to finance development projects in Bahrain and Oman.