The Kuwait government has agreed to spend $115 billion (KD34 billion) on development projects over the next five years.
The National Assembly’s financial and economic affairs committee on Wednesday approved a development strategy for 2015/16-2019/2020, reports the Kuwait Times.
The new plan has been reduced by KD11 billion as it does not include projects to be completed after 2020, which were included in the initial government proposal.
The proposed spending is for 521 projects: 421 from the previous plan and 92 new ones, committee secretary MP Mohammad Al Jabri said on Wednesday. Some KD6.6 billion has been earmarked for the 2015/16 development plan, but this strategy still awaits assembly approval before it can become law.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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