Oman to receive $500m in 2013 for development

Muscat: The United Arab Emirates (UAE) will channel $500 million this year into development projects in Oman as part of a $2.5 billion pledge within a Gulf aid package decided few years ago.

"The UAE government will pump $0.5 billion this year through the Abu Dhabi Fund for Development," said Mohammed Al Swaidi, chief of the fund.

He said the funds will be part of a UAE grant of $2.5-billion, that is the UAE's contribution to the Gulf Cooperation Council's (GCC) programme launched in 2011.
Darwish bin Ismail Al Balushi, minister responsible for financial affairs, last week met Obaid Humaid Al Tayer, the UAE's minister of state for financial affairs.

They discussed ways to boost ties between financial institutions in the two countries, and the mechanism and timeframe of the UAE government's contribution to the GCC Development Programme to finance development projects in the Sultanate.

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