Kuwait signs financing deals with Bahrain worth $1bn

Kuwait has signed two financing agreements with Bahrain, totaling more than $1bn.

Bahrain News Agency (BNA) reports that the funds are part of a grant provided by Kuwait within the Gulf Development Programme and follow similar deals with the Saudi Fund for Development and Abu Dhabi Fund for Development.

The first agreement involves an amendment to a previously signed deal between the two regarding housing projects at Al Madina Al Shamaliya and East Hidd.

Under the new provision, $996m will be granted to finance additional housing units in the project and associated infrastructure works.
The second agreement covers infrastructure works for Salman Industrial City and is worth $32m.

Bahrain and Kuwait have signed seven agreements in the last three years in housing, works, electricity and social development with a total value of $2.3bn, according to BNA.