PHOTO
This beam bridge is part of Kuwait Vision 2035. The causeway is named after the late Sheikh Jaber Al-Sabah to commemorate his contribution to the development of Kuwait City, Kuwait - January 03, 2021. Image used for illustrative purpose. Image courtesy: Getty Images/ Emad Aljumah
MANAMA - The Kuwait Fund for Arab Economic Development (KFAED) and Bahrain's government signed on Sunday a loan agreement estimated at KD 10 million (about USD 32.4 million) to fund the second phase of developing the project of Sheikh Jaber Al-Ahmad Al-Sabah Highway.
The project aims to back Bahrain's social and economic development through evolving one of the main vital highways in the capital.
It is expected to partake in achieving some sustainable development goals, including infrastructure, and enhancing local cities and communities' sustainability as well as reducing carbon emissions caused by traffic.
The scheme also includes expanding Sheikh Jaber Al-Ahmad Al-Sabah Highway from three to four lanes in each direction along 11 km, in addition to setting up five bridges.
The scheme's total cost is evaluated at USD 404.4 billion, and the KFAED covers about 8 percent of this cost.
Under the deal, the loan agreement, with a term of 20 years and a grace period of eight years, will be repaid in 24 semi-annual instalments.
The loan carries an interest rate of three percent per annum, with an additional 0.5 percent per annum fee to cover administrative costs and services related to the loan agreement. It is the 22nd loan offered by the fund to Bahrain.
The deal was signed by Acting Director General of KFAED Waleed Al-Bahar and Bahrain's Minister of Finance and National Economy Sheikh Salman bin Khalifa, in the presence of Kuwait's Ambassador to Bahrain Sheikh Thamer Jaber Al-Ahmad Al-Sabah.
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