Bahrain receives 2nd tranche of $10bn Gulf aid package

MANAMA (AA) - Bahrain's Finance Ministry on Thursday announced it had received $2.3 billion from Saudi Arabia, the United Arab Emirates and Kuwait.

The funds represent the second part of a larger $10-billion financial-support package pledged by the three oil-rich Gulf States last October.

Bahrain already received $2.292 billion last year and is set to receive another $2.276 billion in 2019, the ministry said in a Thursday statement.

The aid package is intended to bolster Bahrain’s public finance sector and stimulate economic growth and development in the kingdom.

According to the Finance Ministry, the aid will allow the Bahraini government to meet its public-debt obligations, among other things.