A draft spending plan worth billions of dollars for 2010-11 was approved by the Kuwait cabinet. This draft includes the creation of five shareholding companies, and an array of public-private partnerships to boost social and economic development.

It has appeared the $16.6 billion draft plan would aim at the creation of shareholding firms including a health insurance company, a low-cost building firm and an electricity generation company.

Initially, the draft plan was referred to the Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, after which it went to the parliament.

Apart from this, the cabinet also nodded a yes to draft laws on a manpower exchange agreement between Kuwait and Ethiopia, setting a committee between the governments of Kuwait and Italy, and a trade cooperation agreement between Kuwait and Canada.

Apart from this, it also agreed to a military cooperation agreement with the government of Turkey, and a draft agreement between Kuwait and Singapore aimed to promote and protect joint investments.