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Kuwait approves $104bn development package

Four-year plan is aimed at decreasing the Gulf state's dependence on oil.

February 2, 2010 10:48 by

Kuwait has approved a $104.3 billion four-year development plan.

The parliament passed the proposal on Tuesday, according to Reuters. It is aimed at decreasing the Gulf Arab state’s dependence on oil, and boosting private sector participation in projects.

It also includes investment aimed at raising oil and natural gas production, and will encourage participation of the private sector in government projects. The plan will take effect on April 1, subject to approval by the Kuwait ruler.

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