(MENAFN- Kuwait News Agency (KUNA)) United Arab Emirates (UAE) has granted the Kingdom of Bahrain USD 2.5 billion under the framework of the Gulf Cooperation Council (GCC) development program.
According to Emirates News Agency (WAM), the Abu Dhabi Fund for Development (ADFD) pointed out that a memorandum of understanding (MoU) was signed in Bahrain concerning the UAE's USD 2.5 billion grant to the Kingdom, equivalent to 25 percent of total value of support provided to Bahrain that comes under the framework of the initiative approved by leaders of GCC countries.
ADFD added that the initiative stipulated the allocation of USD 10 billion by four GCC countries, UAE, Kuwait, Saudi Arabia, and Qatar, to finance development plans in Bahrain on 10 years duration.
The grant, which is to be managed by ADFD, would be allocated for financing number of projects in the Kingdom's vital sectors, including energy, housing, health, and education.
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