KUWAIT CITY, March 23: The Central Bank of Kuwait has issued circular asking local banks to provide data on the SMEs on a quarterly basis – the SMEs that are being funded by them, reports Al-Rai daily quoting related sources.
The sources pointed out that the data requested by the Central Bank, is part of its efforts to establish a database of funding done by local banks for small and medium enterprises (SMEs) because the SMEs are expected to adhere to the definition of projects according as mentioned in Law No. (98)/2013 pertaining to the establishment of the National Fund for Small and Medium Business Development and in case of any modification to this definition in the future.
The Central Bank has indicated that the reports prepared by the banks for the two periods ended December 31, 2018 and March 31, 2019 should be submitted by 30 June, provided that the reports prepared for the following periods should be submitted not later than 10 working days from the end of the period for submission. The database provided will include the total facilities, including activity and loan distribution.
The circular pointed out that the total facilities and total loan distribution by activity should be equal to the corresponding total. The sources said that the data would include the classification of funding for small and medium-sized enterprises, whether regular or irregular, the number of bank accounts, as well as the size of the establishment.