An agreement was signed here on Monday between the Omani Ministry of Finance and Kuwait Fund For Arab Economic Development (KFAED) virtue of which a grant of USD 2.5 billion from Kuwait is to fund projects in the sultanate within the framework of GCC development programs. The 10-year grant comes in an annual USD 250 million and contributes to financing and supporting different development projects in the sultanate. The agreement was signed by Finance Minister Darwish bin Ismail Al-Bloushi on behalf of the Omani side and KFAED Director General Abdulwahab Ahmad Al-Bader, a statement by the Ministry of Finance here said. The grant will fund projects agreed to between the sultanate and KFAED, projects within the GCC framework such as electricity and water linkage, GCC railways, and infrastructure projects for industrial zones and other future projects. The grant is awarded in implementation of a GCC Ministerial Council resolution during its 118th session, March 2011. The resolution urged a comprehensive GCC development program and allocation of USD 10 billion over a period of ten years to finance developmental projects in the sultanate.
GMT 17:47 2018 Monday ,15 January
‘Negative’ outlook for Gulf sovereign ratings in 2018, says Moody’sGMT 19:27 2018 Sunday ,07 January
UAE pledges to distribute 70% of VAT proceeds to help fund community projectsGMT 19:21 2018 Sunday ,07 January
Surge in foreign fund inflows sets stage for Egyptian boomGMT 19:15 2018 Sunday ,07 January
Iraq to export Kirkuk oil to Iran before January-endGMT 11:35 2018 Wednesday ,03 January
Saudi Food and Drug Authority: No VAT on human medicines, vitamins, and registered medical equipmentGMT 10:00 2018 Wednesday ,03 January
Saudi Customs launches Approved Economic Operator programGMT 07:30 2018 Wednesday ,03 January
Morocco’s 2017 Economic Growth: GDP on the Rise, Investment in DeclineGMT 18:33 2018 Monday ,01 January
No New Year cheer for UAE property market
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor