The plan, the first since 1986, includes such mega projects as parts of a new business hub called Silk City and estimated to cost 77 billion dollars, a major container harbour and a 25-kilometre (16-mile) causeway.
It also includes a railway and metro system, new cities and additional spending on infrastructure, particularly in the health and education sectors.
The ultimate goal of the plan, which extends from the current fiscal year to 2013/2014, is to turn Kuwait into a regional trade and financial centre, said deputy premier for economic affairs Sheikh Ahmad Fahad al-Sabah.
The second and final vote is scheduled to take place after at least two weeks.
Sheikh Ahmad said the plan aims to boost the role of private business in the state-dominated economy in which the public sector controls almost three- quarters of the Gross Domestic Product.
The plan also stipulates increased spending in the oil sector, the country’s lifeline, to raise crude oil production capacity and modernise oil facilities.
The Gulf state has been vying to diversify its economy, in which oil revenues contribute about 94 percent of total state income.
Political bickering that has rocked Kuwait over the past few years has delayed many development projects, however.
Kuwait has amassed huge foreign assets in the past decade on the back of high oil prices. These assets are estimated at about 230 billion dollars and are mostly located abroad.
Kuwait, which says it holds 10 percent of global crude reserves, pumps about 2.2 million barrels per day.
© Copyright AFP 2010.