KUNA reported that Kuwait spent KWD 3.19 billion in the 2010-11 fiscal year on projects for a four year development plan, citing Mr Adel al Wuqayan, secretary general of the Supreme Council for Planning and Development.

Mr al Wuqayan told KUNA that spending came to almost 62% of the amount originally allocated under the plan for that year, the state run news service said. Most of the money was assigned to energy projects, followed by infrastructure investment.

Kuwait wants investors to meet almost half the cost of its USD 110 billion development plan to modernize the oil based economy. The investments include increasing oil and gas production, construction of a metro and rail network, the expansion of the airport, new power stations, cities, hospitals, roads and a port on Boubyan Island.

According to Finance Ministry data, Kuwait had a budget surplus of KWD 5.3 billion in the 2010-11 fiscal year. Spending was KWD 16.2 billion, 7% less than anticipated.

(Sourced from www.bloomberg.net)