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Mon 8 Apr 2013 01:03 PM

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Kuwait plans to spend up to $17.5bn on projects

Finance Minister reveals spending plan on developments in Gulf state during 2013/14

Kuwait plans to spend up to $17.5bn on projects
Finance Minister Mustapha al-Shamali

Kuwait plans to spend KD4.5-5bn ($15.8-17.5bn) on development projects in the 2013/14 fiscal year which began this month, Finance Minister Mustapha al-Shamali said on Monday.

Domestic political tensions have been delaying work on parts of a KD30bn infrastructure building and economic development plan announced by the Gulf Arab country in late 2010.

The group chief executive officer of National Bank of Kuwait has been scathing in recent months about the impact of the political situation on economic growth, a rare public outburst from a prominent Gulf businessman.

However, there have been signs that the government has found ways to move ahead with some projects.

Kuwait had a budget surplus of KD17.2bn in the first ten months of its fiscal year, preliminary budget data showed at the end of March, thanks to robust oil income and lower-than-expected public spending.

Shamali also told reporters on the sidelines of a financial conference in Kuwait that the OPEC member's economy should grow by 4.5-5 percent this year. He did not give more details.

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Majd 6 years ago

Gee, hope one is the construction of a new airport, because that is step ONE in the development plan for this nation. Secondly, a new metro project would be a very valuable project to break ground on to control the traffic flow of this tiny GCC nation. What is so alarming about this nation, is that for years they have donated billions of dollars towards other nation's devleopment projects, even house their prized art collection in Qatar, but sorely neglected to break ground on any formative projects in their own nation. It is about time this country move forward with the rest of the GCC!

Juliet Lopez 6 years ago

Actually the number one priority must be a New Metro. My beloved Kuwait, please go ahead with the development projects which are a necessity such as the metro, airport, health centers, solar powered electricity and water. Involve all the young citizens in these projects, let them contribute with their expertise and technical know how, and see how Kuwait will bloom. God bless and protect Kuwait