Bahrain said on Thursday it will sell nearly $800m worth of bonds to finance house building projects and bolster the island’s beleaguered economy.
Bahrain’s ministry of labour will issue the bonds over the next six months, Ibrahim bin Khalifa Al Khalifa, the kingdom’s housing minister, told CNBC Arabiya, a regional television station. The minister said the government spending was “needed to break out of the global financial crisis”.
Bahrain is the most diversified and least indebted economy in the Gulf region, but was the first country to be put on a negative outlook by a rating agency, due to its large financial sector and the government’s reliance on dwindling oil revenue.
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