Bahrain announces $30 billion post-pandemic investment plan

DUBAI, United Arab Emirates (AP) — The island kingdom of Bahrain has announced plans for over $30 billion in spending to spur investment and build up infrastructure over the next several years. The plans include creating five brand-new cities on man-made islands. The project detailed Wednesday signals the government’s efforts to drive growth after the economic pain of the pandemic even as its fiscal picture remains shaky, with the country’s public debt rising 133% of its gross domestic product last year. The oil-producing country took on more debt to help cope with the economic effects of the pandemic, which pushed oil prices to historic lows.