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Monday , September 26 2022

Meeting held to discuss role of banking sector

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Bid to provide support, develop infrastructure in Kuwait

Part of the meeting of the Parliamentary Committee on Finance and Economic Affairs.

KUWAIT CITY, May 6: A meeting is being held to discuss the role of the banking sector in providing integrated banking and advisory services to support and develop the infrastructure in Kuwait in the long term, reports Al-Qabas daily quoting informed banking sources. This role is accompanied by many opportunities that will not be limited to financing these projects, but extends to providing integrated banking services to support these efforts, from basic lending activities to more complex banking transactions, to advisory and business facilities, capital markets and other banking business.

The development plan, in view of its size, attracts a large number of highly qualified regional and international fi- nancial institutions and companies, which would improve the banking industry in Kuwait through the transfer of best practices and international industry standards to them. The sources pointed out that the Kuwaiti banks play a major role in financing investment projects within the framework of Kuwait Vision 2035, noting that the development of the financial system is the cornerstone of economic development, especially as the financial reforms support the confidence of investors in financial markets through the promotion of justice, transparency and efficiency and protection from market risks.

The banking sector in Kuwait will play a key role in supporting the government and implementing the pillars of the development plan, the sources said, pointing out that there is great optimism expressed in the main title of the development plan in Kuwait, which is described as a unified approach towards a prosperous and sustainable future.

The same sources expected the banks to continue to finance the private sector at a healthy rate with a constant focus on capital expenditure in the light of the national development plan, noting that the Kuwaiti banking system in the past funded many projects worth billions, in addition to many large development projects, and strengthened confidence in its technical capabilities and infrastructure.