$5.27bn will be borne by state budget, while the rest will be covered by public and private sectors
Kuwait has announced plans to invest $15.75 billion in its 2017-2018 development plan, with $5.27 billion borne by the state budget while the rest will be covered by the public sector, including the energy industry, and from private investors, according to press reports.
Khaled Mahdi, the secretary general of the Supreme Council for Planning and Development, said that the financing of the current five-year development was being shared by both the public and private sectors. The general government sector was providing 49.3%, while the oil sector was contributing 33.8% and the private sector was contributing 16.9%, he added.
The scheme is based on ‘foundations’, the secretary general said. These are: effective government, sustainable and diversified economy developed infrastructure, sustainable livelihood environment, high-quality healthcare, creative manpower and Kuwait’s international status.
The first axis encompasses two programs: E-government and structural reforms, in addition to eight programs aimed at revamping the administration, a report in Kuwait Times said. One of the most important projects related to this is the upgrading of the state structure and setting up an urban monitor. This is scheduled to finish by September 30, 2019, while the execution of the country’s five-year IT-plan is due to finish by December 31, 2019.
When it comes to boosting manpower and capabilities, the plans include the upgrading of education facilities, while focusing on the quality of education provided. Accommodation at colleges and the integration of citizens with special needs into society are also on the agenda.
The diversified and sustainable economy axis envisions a business environment for the private sector that has a diversified productivity base, while state economic and financial reforms will be implemented, overhauling tourism and the knowledge economy.
This broad scheme also includes the Al-Zour refinery, the construction of which is expected to finish by December 5, 2019, as well as certain clean fuel projects, which are scheduled to be finalised by April 12,2018.
As for infrastructure, it includes five major ventures, namely developing transportation, the IT and communication infrastructure and hiking electric power, as well as 32 affiliated projects, Mahdi said. He also mentioned that the recent expansion of Kuwait International Airport, which is due to end on January 31, 2022 and the completion of Sheikh Jaber Al-Ahmad Bridge in November 2018, were included in these plans.