Kuwait grants Oman $2.5bn aid
Kuwait, May 27, 2013
Kuwait has granted Oman $2.5 billion to fund development projects as part of a regional programme initiated in 2011 after protests, Oman's state news agency reported on Monday.
Richer Gulf oil exporters pledged in March 2011 to extend $10 billion over 10 years to Bahrain and Oman to support economic development.
The Kuwaiti Fund for Arab Economic Development will supply the amount in annual instalments to Oman over a 10-year period, the agency said.
The regional programme is aimed at funding major infrastructure initiatives, such as water, electricity and rail projects, it added.
Since 2011, the Omani government has hiked spending on welfare and job creation schemes to help ward off social unrest. Oman's consultative Shura Council approved a much higher minimum wage and curbs on foreign labour in February. - Reuters
