Kuwait Grants Oman $2.5Bn
Oman and the Kuwait Fund for Arab Economic Development (KFAED) on 27 May signed a financial cooperation agreement to facilitate the 10-year $2.5bn ($250mn/year) funding program for development projects in Oman. The Kuwait grant is part of a $20bn GCC funding program pledged by Saudi Arabia, Qatar, the UAE and Kuwait, to extend $10bn each to Oman and Bahrain for development projects.
The program was approved in March 2011 to...