Bahrain Premier urges banks to back projects
Manama, April 3, 2014
Bahrain's Premier has called upon banks and financial institutions to support and fund development projects in the kingdom.
His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa chaired a work meeting to discuss the kingdom's financial situation, in the light of good results achieved by banks, said a report in the Gulf Daily News (GDN), our sister publication.
He directed the Central Bank of Bahrain Governor to discuss with banks the best ways to rescue projects hit by lack of financial liquidity, and the possibility of providing them with the needed funds.
The Premier called for the need to stimulate investment and real estate transactions according to regulations that preserve the rights of all parties.
He urged more facilities and incentives to attract capital, foreign banks and investment firms, or their regional offices, and Islamic banks.
The Premier also chaired a work meeting to discuss implementation of the government's housing strategy.
He directed officials to sign agreements with Chinese companies to construct 4,000 housing units, in co-operation with Bahraini contractors. The project will feature houses in Muharraq, Umm Al Hassam and Isa Town.
The government is keen on reducing the number of people waiting for homes, he said. - TradeArabia News Service