01 July 2012
Amman - Kuwait will pay its $1.25 billion contribution to the Gulf fund to Jordan soon, Minister of Finance Suleiman Al Hafiz said Sunday.
He added that the money will be paid through the Kuwait Fund for Arab Economic Development (KFAED) after the Kuwaiti government completes needed procedures.
The minister told Petra on the sidelines of signing a loan agreement with the fund to expand Al Samra Power Generation Station that Kuwait will start transferring the money within two months.
The Gulf fund was allocated by the Gulf Cooperation Council (GCC) during last year's summit to support development projects in the Kingdom.
Saudi Arabia, the UAE, Kuwait and Qatar decided to extend $5 billion over a five-year period to support development schemes in Jordan. Each GCC nation will pay $1.25 billion.
The Kuwaiti grant will be used to finance capital spending within the budge, the minister said.
Amman - Kuwait will pay its $1.25 billion contribution to the Gulf fund to Jordan soon, Minister of Finance Suleiman Al Hafiz said Sunday.
He added that the money will be paid through the Kuwait Fund for Arab Economic Development (KFAED) after the Kuwaiti government completes needed procedures.
The minister told Petra on the sidelines of signing a loan agreement with the fund to expand Al Samra Power Generation Station that Kuwait will start transferring the money within two months.
The Gulf fund was allocated by the Gulf Cooperation Council (GCC) during last year's summit to support development projects in the Kingdom.
Saudi Arabia, the UAE, Kuwait and Qatar decided to extend $5 billion over a five-year period to support development schemes in Jordan. Each GCC nation will pay $1.25 billion.
The Kuwaiti grant will be used to finance capital spending within the budge, the minister said.
© Jordan News Agency - Petra 2012
