KUWAIT CITY (AFP) – OPEC member Kuwait plans to spend 18 billion dinars (63 billion dollars) over the next four years on 250 massive projects, a newspaper reported on Tuesday.
The projects are included in a four-year programme approved by the cabinet on Monday and will be sent to parliament later this week, Al-Watan newspaper reported, citing government sources.
The daily did not name any project but Kuwait, awash with cash from oil revenues, has been planning a new business hub dubbed Silk City as well as a new modern harbour, a railway and metro system.
The plan which runs from the current 2009/2010 fiscal year until 2012/2013 will focus on boosting the private sector’s role in the domestic economy.
Kuwait’s private business accounts for just a quarter of gross domestic product.
The emirate is estimated to have foreign assets of close to 230 billion dollars, run by its sovereign wealth fund, despite sharp losses in the past year due to the global economic downturn.
The Gulf state has been vying to diversify its economy but wrangling between parliament and the government has delayed key projects.
OPEC’s fourth largest producer sits on about 10 percent of global oil reserves and pumps about 2.2 million barrels per day. It has a native population of 1.1 million besides 2.34 million foreign residents.