March 10, 2011 / 5:03 PM / in 8 years

Gulf states create $20 bln fund for Oman, Bahrain

RIYADH, March 10 (Reuters) - Gulf Arab oil producers have set up an aid programme worth $10 billion each to Bahrain and Oman, Bahrain’s foreign minister announced on Thursday following a meeting of the Gulf Cooperation Council.

Bahrain’s Sheikh Khaled bin Ahmed al-Khalifa said on Twitter that the council would oversee projects in both countries, adding that these would mainly cover housing and infrastructure. The money would be handed out over a 10-year period, he added.

Both Bahrain and Oman have been hit in recent weeks by anti-government protests, inspired by uprisings across the Arab world, which have shocked the oil-rich region.

The six-nation Gulf Cooperation Council also includes Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. (Writing by Crispian Balmer)

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