Manama, March 13: Foreign ministers of the Persian Gulf littoral states pledge USD 20 billion in financial aid to Bahrain and Oman, warning against foreign meddling at a time when both countries are struggling with popular uprisings.
Growing protests in Bahrain and Oman have rattled the other members of the six-nation [Persian] Gulf Cooperation Council, raising concerns that Middle East uprisings would affect OPEC members, reported Morning Star Online.
The council pledged the USD 20 billion in aid over 10 years to be split between the two nations, said the United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan.
The foreign ministers meeting in the Saudi capital, Riyadh, also issued a statement warning that they would not allow foreign interference in their affairs.
Bahrain and Oman have tried to allay discontent in their countries through a variety of economic measures, but neither country has the economic firepower or oil wealth of the other members of the council such as Saudi Arabia, the UAE, Qatar and Kuwait.
The combined economies of Bahrain and Oman are less than one-fifth of that of Saudi Arabia and the aid package would be a major boost for their budgets.
The money will be enough to allow Oman and Bahrain to press ahead more aggressively with long-needed social initiatives.
——–Agencies