The United Arab Emirates will grant Bahrain US$2.5bn for development projects in the Gulf Arab state, part of a regional funding programme implemented after a pro-democracy uprising in 2011, Bahrain's state news agency reported.
The money from the UAE, to be disbursed on an annual basis over the next ten years, would finance projects in housing, electricity, water, infrastructure and social services, the Bahrain News Agency (BNA) said.
Wealthier Gulf Arab neighbours pledged in March 2011 to each extend US$10bn over ten years to Bahrain and to Oman to ease tensions and support economic development in the two small non-OPEC oil exporters. The pledge came after a pro-democracy uprising in Bahrain and protests in Oman where citizens demanded jobs and a cleaner government.
Read more: http://www.arabianbusiness.com/uae-grants-bahrain-2-5bn-for-development-490085.html
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