Oman, KFAED sign pact for Al Batinah Expressway
On the sidelines of the annual meetings for the joint Arab financial organisations, being held in Rabat in the Kingdom of Morocco, the Government of the of Sultanate of Oman and Kuwait Fund for Arab Economic Development (KFAED), on behalf of the Government of the State of Kuwait, signed an amendment to the agreement between the two countries. The agreement comes within the GCC Development Program to contribute to financing Al Batinah Expressway Project. It should be noted that of the $2.5 billion grant agreement that was signed on November 12, 2014, $1.75 billion has been allocated to Al Batinah Expressway Project.
As per the amendment signed, the finance of the project will be raised to $ 2.5 billion; the share of the State of Kuwait at the GCC Development Program. The agreement amendment was signed by Darwish bin Ismaeel al Balushi, Minister Responsible for Financial Affairs on behalf of the Sultanate’s Government and Abdul Wahab Ahmed al Badr, Director- General of Kuwait Fund for Arab Economic Development (KFAED) on behalf of the Fund.