Kuwait to go ahead with development projects despite oil price crash

Minister of Public Works and Minister of Electricity and Water Abdulaziz Al-Ibrahim stated that the development projects would not be affected by the current oil price slump as these projects and their fund have been approved.
"The designs and studies of these projects had been completed and the execution would start once other procedures end," Minister Al-Ibrahim told reporters after partaking in the National Assembly's regular session on Wednesday.
"Appropriations have been already made for these projects," he said.
He added that the cabinet has reiterated commitment to go ahead with the planned development projects, especially the construction ones, despite the current drop in prices.
He argued that the development projects have positive impacts on the national economy so they should not be shelved.
Meanwhile, the Minister said that he has made a visual presentation at the National Assembly session about the Ministry Public Works' completed, under-construction and planned projects.
He estimated the total cost of the projects completed in 2014 at over KD 1 billion; and that of the under-construction ones at KD 2.3 billion; and that of the projects to be put forward in the coming year at over KD 3 billion.
With regard of the delay in starting some projects, Minister Al-Ibrahim urged the MPs to cut the number of required procedures for new projects in the new public tender law.
Source: KUNA