• Home
• /
• World

Kuwait grants $2.5 bln to Oman

Kuwait has granted US$ 2.5 billion to Oman to fund projects in the sultanate within the framework of GCC development programs, according to an agreement signed in Muscat on Monday between the Omani Ministry of Finance and Kuwait Fund For Arab Economic Development (KFAED).

The 10-year grant will be in annual US$ 250 million installments, and will contribute to financing and supporting different development projects in the sultanate, according to Kuwait’s news agency, KUNA. The agreement was signed by Omani Finance Minister, Darwish bin Ismail Al Bloushi, and KFAED Director General, Abdulwahab Ahmad Al Bader.
‘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 Ministry was cited by KUNA as saying in a statement.

• Kuwait