World Economy

Kuwait Approves $10b Projects

Kuwait Approves $10b ProjectsKuwait Approves $10b Projects

Kuwait has approved the construction of a series of power plants, desalination facilities and other infrastructure projects worth a total of around KD3 billion ($9.9 billion), the finance ministry said, Reuters reported. Like neighboring Persian Gulf Arab countries, Kuwait is struggling to meet soaring demand for electricity and the planned projects will add around 3,580 MW of capacity, as well as waste treatment and developments for the education ministry. The ministry did not set a timescale for most of the initiatives, except for a sewage plant which will start by 2020. It also did not say how they will be funded beyond saying 50% of the finance will be raised through stock market offerings.