Kuwait has spent 3.19 billion dinars ($11.4 billion) in the 2010-11 fiscal year on projects for its four-year development plan, said a report, citing Adel Al-Wuqayan, secretary-general of Kuwait's Supreme Council for Planning and Development. The spending came to almost 62 percent of the original allocation, the state news agency KUNA said. Most of the funds was assigned to energy projects, followed by infrastructure investment, KUNA quoted Al-Wuqayan as saying. Kuwait wants investors to meet almost half the cost of its $110 billion development plan to modernize the oil-based economy. The projects include increasing oil and gas production, construction of a metro-rail network, expansion of the airport, new power stations, cities, hospitals, roads and a port on Boubyan Island. Kuwait had a budget surplus of 5.3 billion dinars in the 2010-11 fiscal year. Spending was 16.2 billion dinars, 7 percent less than anticipated, according to Finance Ministry data.
