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Kuwait to Spend as Much as $17.5 Billion on 2013 Plan

Kuwait plans to spend as much as 5 billion dinars ($17.5 billion) on its infrastructure-led state development plan in the current fiscal year as bankers called on the government to execute projects.

“Banks have excess liquidity and are looking for good assets to invest in,” Gulf Bank KSC Chief Executive Officer Michel Accad said at a conference in Kuwait City today. “The development plan hasn’t taken off as fast as expected so opportunities aren’t as many as we wished. We just need to get on with it, we need execution” of projects, he said.