A USD630,000 grant to prepare a project to sustainably catalyze traffic flows between Bahrain and Saudi Arabia, which in turn would help accelerate regional trade growth, was approved by the Multilateral Cooperation Center for Development Finance (MCDF) Governing Committee at its meeting in Samarkand, Uzbekistan on 24 September. The project will be implemented by the Asian Infrastructure Investment Bank (AIIB).
The MCDF grant will ensure that the planned upgrading of an interchange connecting the Shaikh Khalifa Bin Salman (SKBS) Port in Bahrain and the King Fadh Causeway in Saudi Arabia meets International Financial Institution (IFI) environmental, social, and technical standards.
The aim is to strengthen the design and readiness of enhancements to the SKBS port road interchange, which will streamline traffic, reduce congestion, and make trade between the two countries and the wider region faster and less costly. This includes addressing risk, climate resilience factors, and environmental and social safeguards.
To achieve these objectives, the MCDF grant will finance an environmental and social impact assessment, a climate mitigation and resilience assessment, and a technical audit. It will also support capacity building initiatives to facilitate the application of IFI standards and best practices within the SKBS port road interchange project.
The project will be integrated with Bahrain’s broader East Hidd Development Program, improving access to a major industrial and logistics zone and creating opportunities for businesses and communities in the region. It aligns with Bahrain’s Economic Vision 2030 outlining the country’s development goals.
Contact
David Hendrickson
Senior Communications Officer
Mobile: +86 185 0114 6758
david.hendrickson@themcdf.org
