Muscat in talks with GCC over aid spending

05 July 2011

Regional body has pledged $10bn to Oman

Oman’s Finance Ministry and members of the Gulf Cooperation Council (GCC) are in talks over how to spend $10bn the regional body pledged to Muscat earlier this year.

A decision on how to spend the $10bn is expected to be made by the end of the year.

“It is under discussion between us and the GCC,” says Abdulmalik Abdullah al-Hinai, adviser at Oman’s Economy Ministry.

Though the areas where the money might be spent are not confirmed, Al-Hinai says that the creation of jobs is “a priority” for the government.

In March, the GCC said it would give $10bn in aid each to Oman and Bahrain over a period of 10 years (MEED 14:3:11).

The GCC also promised to establish a development programme to finance projects in the Gulf, in addition to the financial support.

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