Kuwait grants Oman US$ 2.5 billion development aid
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    • Kuwait

    According to reports, Kuwait has announced on May 27 that it will finance development projects in Oman worth US$ 2.5 billion as part of pledges made in 2011 by members of the Gulf Cooperation Council (GCC). Based on the framework agreement signed by representatives from both countries’ governments in Muscat, Oman will receive the funds over 10 years with US$ 250 million to be granted annually. The money will be used to finance joint construction and infrastructure projects. 1

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