GCC speeds up aid to Bahrain and Oman

GCC finance ministers discussed the status of billions of dollars in development aid to be given to the neighboring countries like Bahrain, Oman, Jordan, Yemen and Morocco.
The move to extend financial support is significant keeping in view the fact that major donors’ aid to developing countries have fallen significantly due to the global economic recession and regional developments in the Middle East.
The GCC finance ministers decided to make contributions on priority basis in an effort to make available approved financial aid to the two GCC member states Bahrain and Oman as early as possible.
The finance ministers, who met here as part of the GCC 93rd ministerial meeting of the GCC Finance and Economic Cooperation, also reviewed the intra-GCC railway project.
The meeting was chaired by Saudi Finance Minister Dr. Ibrahim Al-Assaf. Al-Assaf said: "A number of key financial issues including the proposed aid to Jordan, Morocco and Yemen were taken up for discussions at the meeting."
The details on how to disburse the aid would be decided by the consultative committee meeting of GCC heads of state, to be held on May 15 in Riyadh, he added.
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