Why Kuwait’s spending approval for infrastructure, health, power projects is so important

kuwait infrastructure approval projects diversify
Kuwait
  • Date: 29-Jul-2021
  • Source: Arabian Business
  • Sector: Healthcare
  • Country: Kuwait
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Why Kuwait’s spending approval for infrastructure, health, power projects is so important

Kuwait's approval of a massive spend on infrastructure, health, environment and power projects for the 2021-2022 financial year is much needed to diversify the economy – something that all Gulf countries must do as reliance on fossil fuel fades while the world pursues greener options. Kuwait, which is saddled with large debt and political deadlock, a combination that is blunting the ability of the country to invest money from its sovereign fund, ultimately stymying the country's ability to diversify its economy away from oil, has approved a $65 billion spend for the projects. "[The projects are] needed in Kuwait, and I think it'll help diversify and upgrade the economy. These infrastructure funds and infrastructure spending is most welcome," Scott Livermore, ICAEW economic advisor and chief economist at Oxford Economics, told Arabian Business. Partnerships The projects include 14 major public projects with a total value of approximately $59bn and four partnership projects worth nearly $3.2bn, the Kuwaiti Alanba newspaper previously reported, citing official data. Scott Livermore, ICAEW economic advisor and chief economist at Oxford Economics. Five percent of the approved projects will focus on partnerships with the private sector. "Historically, there have been some public private partnerships in Kuwait. So it's not…