Kuwait said on Wednesday it will finance projects worth $1.3 billion (992 million euros) in its Gulf partner Bahrain as part of pledges made two years ago, an official statement said. The funds will be used to finance part of four development projects over the next few years, including power transmission networks, housing projects and a key road, the state-owned Kuwait Fund for Arab Economic Development said. KFAED officials signed the agreements with visiting Bahraini Foreign Minister Sheikh Khaled bin Ahmad Al-Khalifa. Bahrain and Kuwait are members of the energy-rich Gulf Cooperation Council (GCC) along with Oman, Qatar, Saudi Arabia and United Arab Emirates. At a meeting in Riyadh in March 2011, the six GCC states decided to establish a $20-billion fund to finance development projects in Bahrain and Oman, which have limited energy resources. The measure was taken in the wake of protests that swept several countries as part of the Arab Spring, which also hit Bahrain and to a lesser extent Oman. Saudi Arabia, Qatar, Kuwait and UAE each pledged $5 billion, and the grants are to be spent over a 10-year period.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor