ADFD and ADEX loan agreements worth AED337.9 to finance water supply network project in Bahrain
Abu Dhabi Fund for Development (ADFD) and the Abu Dhabi Exports Office (ADEX) have signed two loan agreements with the Electricity and Water Authority in Bahrain to finance a water supply network project. The project aims to enhance the capacity of the water transmission networks within the second phase of Al Dour station to 50 million gallons to ensure reserves of at least three days’ consumption average to cater to the everyday needs of the residents.
Apart from drinking water supply, the station will serve construction, investment and industrial projects, thereby supporting Bahrain’s Electricity and Water Authority’s water strategy until 2030, which aligns with the United Nations’ sustainable development goals (SDGs).
His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD said: “The two loan agreements demonstrate the depth of the brotherly relations between the UAE and Bahrain and the desire of our governments to maintain the strong bonds so both countries can work towards fulfilling each other’s aspirations and serving common interests. The project financed by ADFD will raise the efficiency of water supply, contribute to water security and enhance the sustainability of water resources. We are keen to support the development objectives of the Government of Bahrain and enable it to achieve water security and sustainability goals.”
His Excellency Yasser bin Ibrahim Humaidan, Bahrain’s Minister of Electricity and Water Affairs, praised the UAE for giving a steady support to Bahrain, as he highlighted ADFD’s important role in driving socioeconomic prosperity in developing countries. He called the relations between Bahrain and the UAE a unique model of bilateral relations.
Khalil Al Mansoori, Acting Director General of Abu Dhabi Exports Office, added that “ADEX will work closely with Emirati companies by facilitating credit lines and financing solutions to Tecton Engineering and Construction that will undertake the construction of the second Al Dour pumping station. At ADEX, we seek to enable Emirati companies to identify promising opportunities and expand and compete in regional and global markets.”
Bahrain is one of the first countries where ADFD began its development activity in 1974. The amount of soft loans and government grants provided to Bahrain is AED23.12 billion, which covered 32 projects in vital sectors. These projects contributed to sustainable economic and social development of the Kingdom. The Fund also manages the AED 9.2 billion grant provided in 2013 by the UAE to Bahrain within the GCC Development Program.