Following the confirmation of the Gulf Development Programme (GDP) at the GCC Foreign Ministers meeting in Riyadh on Thursday, where a financing package for Bahrain totalling $10 billion was agreed.
“The GCC has shown extraordinary support to Bahrain. I would like to pay fulsome tribute to each member for the wise leadership and cooperation shown during a challenging period,” the Crown Prince said.
The GCC Gulf Development Programme grant has been provided to assist with the development of Bahrain to the benefit of all citizens, to help finance a new programme of reform.
The allocation of the GCC-GDP grant will run alongside the national budget, doubling capital expenditure and will be placed under the oversight of parliament and the donour countries.
Key spending priorities will be on programmes that add value and benefit Bahraini society in the long term and on projects that help fill opportunity gaps where they exist.
Allocation and deployment of the grant will be subject to the highest levels of transparency.
“The co-operation between us is strong and the support by all GCC states for the National Dialogue has been integral as we have sought to bring Bahrain together as a unified nation to reach a political settlement accepted by all,” HRH Prince Salman said, while referring to the National Dialogue.