Bahrain mulls plans for $10bn GCC fund
Manama, January 3, 2012
Spending plans for a $10 billion GCC development fund for Bahrain were the focus of talks yesterday between Bahrain’s Prime Minister and HRH the Crown Prince.
The two leaders pledged investments in infrastructure developments and services, with the private sector as a strategic partner.
HRH Prime Minister Prince Khalifa bin Salman Al Khalifa and HRH Prince Salman bin Hamad Al Khalifa, Crown Prince and Economic Development Board Chairman, also stressed the importance of drawing up future investment plans in housing, infrastructure, roads and energy, while promoting key development projects as a cornerstone of growth.
'Government-led expenditure will be directed to the domestic economy to ensure cash liquidity and boost investments and development projects,' said a statement issued after the meeting.
EDB-led projects designed to create conditions that attract local and foreign investments were also reviewed, while the need to upgrade Bahrain's investment infrastructure and promote its competitiveness to preserve its status as a key business hub was stressed.
They also discussed regional and international developments, stressing the importance of GCC countries stepping up co-ordination in the face of political and economic challenges. – TradeArabia News Service