Bahrain, AFESD sign agreement

Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, stressed Bahrain’s resolve to press ahead with economic development to achieve the desired goals.

He affirmed the need to build on previous achievements brought about under the comprehensive development march led by His Majesty King Hamad bin Isa Al Khalifa, and the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.

The Minister of Finance and National Economy pointed out the significance of supporting the infrastructure projects given their role in promoting the sustainable economic growth.

He lauded, in this context, the role of the Arab Fund for Economic and Social Development (AFESD) in supporting development projects in the Arab countries.

The minister was speaking as he signed today a guarantee agreement between the government of the Kingdom of Bahrain and AFESD.

Per the agreement, the fund shall provide soft funding for the project of establishing a new control center for monitoring and controlling the electricity and water networks with a value of ten million Kuwaiti dinars.

The project aims to meet the growing need for electricity and water generation, transmission and distribution services.

The agreement was also concluded by Minister of Electricity and Water Affairs, Wael bin Nasser Al Mubarak and Chief Executive of the Electricity and Water Authority, Shaikh Nawaf bin Ibrahim Al Khalifa.

On AFESD, it was signed by the fund’s Director General and Board Chairman, Bader Mohammed Al Sa’ad.

Source: Bahrain News Agency