(MENAFN - Arab Times) The government is wholly committed to implementing growth plans for the current year, Sheikh Ahmad Al-Fahad Al-Sabah, Deputy Prime Minister for Economic Affairs, said in a speech while hosting a banquet for heads of Kuwaiti newspapers on Monday.
Dubbing this year as "the year for accomplishing projects," Sheikh Ahmad — who is also state minister for development and housing - informed his guests that the government was working on plugging the gaps in its five year development plan starting out with its growth plans for 2010.
He hoped that the general framework of the five year plan would find approval of the National Assembly, now that it has been endorsed by the Assembly's financial committee.
Affirming that the five year plan is being laid out to cover a wide spectrum of projects, he noted at the same time that it would be successfully carried out if due attention is also directed to developing the human resources to follow it through.
The five year plan, he stressed, would open the door wide to contributions of the private sector as the latter is in the final stages of establishing three major infrastructure-savvy companies. One of them will construct about 9300 low-cost homes for Kuwaiti citizens, and another will manage three new hospitals and underwrite insurance policies to foreign residents of Kuwait, he said.
Sheikh Ahmad told his guests that a large media complex was in its last phase of completion and that the government and the National Assembly agreed on establishing a new energy company in Kuwait.
Acknowledging that the world was going through a recessionary mood, he said one way to re-ignite the local economy to enable it to dovetail with the world economy was to support the financial sector, make credit available through banks, and spend on vital infrastructure projects, all of which should pour into the wellbeing of the nation as a whole.