KFAED signs $39m loan deals with Bahrain

KUWAIT CITY, April 18: Two grant agreements were signed today in Rabat, Kingdom of Morocco, between the government of the Kingdom of Bahrain and Kuwait Fund for Arab Economic Development (the fund) during the meeting of Arab Financial Institutions and the 46 Annual Meeting of the Board of Governors of the Arab Fund for Economic and Social Development, whereby the fund will allocate two grants in the amount totaling of $39 million to contribute in the financing of the Social Welfare Complex in Hamad Town, and the Social Services Complex in Isa Town.

It should be noted that these grants are part of a framework agreement signed on 03/09/2012 between the government of the Kingdom of Bahrain and the Kuwait Fund for Arab Economic Development on the exploitation of the grant allocated by the government of the State of Kuwait and entrusted to the fund by its management, $2.5 billion, to be distributed over 10 years starting from the 2012/13 financial year, to finance development projects in the Kingdom of Bahrain. These grants are provided within the framework of the GCC countries’ development program.

The Agreements were signed on behalf of the Kingdom of Bahrain by His

The loan agreements being signed.

Excellency Sheikh Ahmed bin Mohammed Al Khalifa, Minister of Finance, and both the agreements were signed on behalf of Kuwait Fund by Abdulwahab Al-Bader, Director-General of Kuwait Fund for Arab Economic Development.

1. Project Welfare Complex in Hamad Town

The project aims to provide the best services for social welfare, psychological, recreational, health and religious categories including Juvenile and delinquents and potential deviation, and the beggars and the homeless, and victims of human trafficking of both sexes, and battered women and their children, along with children at family and social violence. And through the provision of social welfare centers and shelters alternative temporary for these categories, for the development of Bahraini society and achieve social well-being and sustainability through the construction and equipping of a specialized complex social care in Hamad Town, and under the supervision of specialists people with qualifications and competencies, which will contribute to improving the social level of service, and rehabilitation beneficiary groups and train them to integrate into society and the labor market, which will have a positive impact on social and economic development for the people of the Kingdom of Bahrain.

2. Comprehensive Social Services Complex in Isa Town

The project aims to improve social care services for people with special needs, according to the different their category and the elderly of both sexes, through the construction and equipping of a comprehensive and specialized complex social care in Isa Town, where the compound of several centers consists role was specifically designed to serve a broad category of people with special needs, through diagnosed with a disability and the development of rehabilitative plan of his own under the supervision of specialists with qualifications and competencies, thus contributing to the improvement of social care services for people with disabilities are not the best, And rehabilitation and training to integrate into society and the labor market, which will have a positive impact on social and economic development for the people of the Kingdom of Bahrain, in addition to providing aspects of social, health, psychological and subsistence and recreational care for guests home for the elderly and help them take advantage of their abilities and their potential to integrate and adapt to the external environment.