(MENAFN -Arab News) KUWAIT CITY: A Kuwaiti MP filed a bill Thursday to create a government-funded trust fund for every citizen from birth that would become an 18th birthday present of around 40,000 (29,200 euros)
Under MP Askar Al-Enezi?s proposal, the government of the Gulf state would deposit 50 dinars (177) each month into an account for each citizen from the time of birth
The money would be managed by the country?s sovereign wealth fund, Kuwait Investment Authority, and the capital and profits handed to citizens when they become adults
Enezi said his proposal aims to help young people lead a dignified life when they become adults and that they could use the money for university studies, marriage or other purposes. The proposal must now be passed by parliament and accepted by the government to become law
The emirate already provides a generous cradle-to-grave welfare system, with citizens entitled to basic services either free of charge or at highly subsidized rates
Kuwait, with a native population of just 1.24 million, has assets worth more than 400 billion.