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 in order to finance a water supply network project.
Under the agreements, ADFD has committed to provide a loan of $41 million (AED150.6 million), and ADEX to provide a loan of $50.9 million (AED187.32 million).
The project intends 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.
According to the statement, “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).”
HE Yasser bin Ibrahim Humaidan, Bahrain’s Minister of Electricity and Water Affairs said that, “The cooperation between the two countries in various fields articulates the desire of the wise leadership in both countries to support common interests and advance bilateral relations. The two loan agreements will enable Bahrain to achieve a high-quality infrastructure that ensures the sustainability of water resources. This cooperation also enhances the efficiency of water supply networks and supports the integrated strategy for managing water resources.”
Mohammed Saif Al Suwaidi Director General – ADFD Chairman – Executive Committee ADEX
“The two loan agreements signed with the Electricity and Water Authority in the Kingdom of Bahrain 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.”
Mr. Khalil Fadhl Al Mansoori, Acting Director-General of Abu Dhabi Exports Office noted that, “Our new strategic partnership with the Kingdom of Bahrain will help drive the development of national exports and boost commercial and economic activities in both countries. Through our latest loan agreement, ADEX will work closely with Emirati companies by facilitating credit lines and financing solutions to Tecton Engineering and Construction LLC that will undertake the construction of the second Al Dour pumping station including two tanks, each with a capacity of 20 million gallons, in addition to civil, mechanical and electrical works, along with the installation of the latest communication and control systems.”
“As part of this project, we will also support Jindal SAW Gulf LLC, a leading supplier of the finest pipes and fittings ranging from 1200 mm to 800 mm in diameter. At ADEX, we seek to enable Emirati companies to identify promising opportunities and expand and compete in regional and global markets,” Mr. Al Mansoori added.
