SCPD chief predicts 50% of 2014 development plan funding to be spent by March

Half of the total funding allocated to governmental projects, within the country's KD 30.5 billion development plan, will be spent by the end of March 2014, Secretary General of the Supreme Council for Planning and Development (SCPD) Dr. Adel Al-Wugayan expected Wednesday. Al-Wugayan said that KD 15 billion, i.e 50 percent, is expected to be spent on more than 1,200 economic projects, most particularly, on the oil industry. He told a press conference, held on the fringes of an Arab investment forum currently being held in Kuwait, that the country is aiming at paving the way for embracing more businesses by eliminating legislative or executive obstacles. He also added that more privileges are being given to the private sector such as privatization, Build Operate Transfer (BOT) and offset projects. He added that the post April 2014 development plan cannot be determined immediately; however, he stressed that the main focus is to turn Kuwait into a financial and commercial hub; a target that is yet to be worked on. Nonetheless, Al-Wugayan could not give specific figures to the size of accomplishments that have been achieved as of yet in the country's economic and social development plan until it's all completed.