Each country to receive $10bn over 10 years
The Gulf Cooperation Council (GCC) has committed $10bn in aid to Oman and $10bn for Bahrain over 10 years.
In a statement, GCC said that in addition to the financial support, it would establish a “development programme” to finance projects in the Gulf.
It will also form a committee of representatives comprising member states to establish the necessary mechanisms for the programme. It will hold its first meeting by the end of March.
The move was taken in response to protests in both Bahrain and Oman over the past two months. Other GCC governments fear that unrest could spread across the Gulf.