AFP reported that OPEC member Kuwait plans to spend USD 63 billion over the next 4 years on 250 massive projects.

The source said that the projects are included in a 4 years program approved by the cabinet and will be sent to parliament later this week.

The daily did not name any project but Kuwait, awash with cash from oil revenues has been planning a new business hub dubbed Silk City as well as a new modern harbor, a railway and metro system. The plan which runs from the current 2009 to 2010 fiscal year until 2012 to 2013 will focus on boosting the private sector's role in the domestic economy.

Kuwait's private business accounts for just a quarter of gross domestic product. The emirate is estimated to have foreign assets of close to USD 230 billion run by its sovereign wealth fund, despite sharp losses in the past year due to the global economic downturn. The Gulf state has been vying to diversify its economy but wrangling between parliament and the government has delayed key projects.

(Sourced from AFP)