Kuwait to create $100bn mega projects – Finance Minister says.

Kuwait 2035 vision aims to turn the country into a regional financial and commercial hub, deputy prime minister and finance minister Anas Al-Saleh said during a conference organized by London-based Royal Institute for International Affairs on Sunday.

This vision focuses on the execution of various megaprojects such as new cities, rail and subway networks, as well as other infrastructure and services projects, with a total cost exceeding $100 billion, added Al-Saleh.

[tbpspa]

The minister noted that the government considers establishing a national fund that covers up to 80% of enterprise cost at a maximum of KWD 500,000 ($1.65 million), according to Kuwait News Agency (KUNA).

The government allocated KWD 2 billion ($6.6 billion) for establishing the fund which will support and develop small and medium-sized enterprises (SMEs).

Al-Saleh predicted that oil prices would remain around $60 a barrel for the time being, hoping that prices would increase to $77 per barrel to help Kuwait avoid a budget deficit in the future.

Via : KUNA

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