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 17:19 2018 Thursday ,11 January
China factory gate inflation slows to 13-month lowGMT 17:50 2018 Wednesday ,10 January
German industrial output rebounds in NovemberGMT 17:39 2018 Wednesday ,10 January
Samsung tips record Q4 operating profit of more than $14 bnGMT 17:29 2018 Tuesday ,09 January
German industrial orders dip in NovemberGMT 15:36 2018 Thursday ,04 January
China factory activity accelerated in December: CaixinGMT 13:33 2018 Wednesday ,03 January
Turkey inflation rate eases but still stubbornly high in DecemberGMT 16:27 2018 Monday ,01 January
China manufacturing activity slows in DecemberGMT 17:36 2017 Sunday ,31 December
Spain to leave EU's deficit 'sin bin' next year: Rajoy
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