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The expansion project for distribution networks should be complete within four years: official Bahrain - MPs yesterday unanimously approved new funding provisions of $80 million to Al Dur Independent Water and Power Project. The government has urgently submitted amendments to the funding between the government and the Islamic Solidarity Fund for Development. It would have the loan format changed from the now-suspended calculation of London’s LIBOR (London Interbank Offer Rate) to US Federal SOFR (Secured Overnight Financing Rate). Electricity and Water Affairs Minister Yasser Humaidan, who is politically responsible for the Electricity and Water Authority (EWA) said the format change was necessary to ensure the loan payments don’t stall with expansions to Al Dur ongoing. “The expansion project for distribution networks should be complete within four years and we don’t want it stalled because the old calculation format has been suspended since September last year,” he said. “The loan is the EWA responsibility and is being paid by it solely even if the agreement is with the government.“The EWA is self-dependent and has to finance its projects from its own revenues and over the past four years we have managed to significantly reduce costs deficits through more effective approaches, technological advancements and collecting owed amounts.” Strategic Thinking Bloc spokesman Khalid Bu Onk demanded the EWA gives subsidised rates to extended families living in one home using multiple meters rather than only for one.“Subsidies and related provisions come from the government not the EWA,” said Mr Humaidan. “We are speaking about production and distribution of water and electricity,” he added.Meanwhile, Parliament’s financial and economic affairs committee chairman Ahmed Al Salloom said all agreements involving LIBOR would be changed in a sequence presented by the government. Meanwhile, MPs postponed for two weeks a vote on government-drafted amendments to the 1998 Private Educational and Training Establishments Law. Under it, Bahraini citizens could be prioritised for jobs in administrative and teaching positions within private educational and training establishments. These amendments are based on a parliamentary proposal submitted last year aimed at increasing the employment of Bahrainis in the private education sector. It would see principal and faculty roles reserved for Bahrainis.However, if no suitable candidates are found and expats have to be recruited, the school will have to seek the approval from the Education Minister. Also indefinitely suspended was a vote on a proposed amendment to the 2002 Judicial Authority Law to form specialised administrative courts by Dr Ali Al Nuaimi. |
