Economy

Gulf sets up $10 b package for Bahrain, Oman

PTI Dubai | Updated on March 11, 2011 Published on March 11, 2011

Six-member grouping of Gulf countries has decided to set up a $20 billion development fund, of which $10 billion will be given over 10 years to Bahrain and Oman, the two countries facing unrest against the ruling monarchy.

The ministerial council of the Gulf Cooperation Council — comprising Bahrain, Saudi Arabia, Kuwait, the UAE, Oman and Qatar — decided at its 118th session to allocate $20 billion to development projects in these two countries over 10 years, the UAE’s official news agency, Wam, said.

The council also decided to form a committee of representatives of member states to establish the necessary framework for this programme, which will hold its first meeting at the headquarters of the General Secretariat within two weeks.

The statement issued in Riyadh today by the 118th session of the ministerial council said the inception of the GCC came in response to the strategic, historical, social, cultural and political reality of the peoples of the region and pursuant to the achievement of an integrative framework of common security and to maintain their potential and deal with any foreign encroachments on them.

The statement added: “Since the inception of the GCC, the leaders built a close relationship among themselves and peoples based on common interests. The relationship between the rulers and peoples is based on participation, consultation and fairness, which lead to the well-being, prosperity and equality among citizens.”

It further said that GCC countries and people reject out of hand any attempts of foreign interference in their affairs, indicating that they are resolved and determined to deal with those who incite sectarian strife or discord among citizens and states, or those who threaten GCC security and interests.

Published on March 11, 2011
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