Kuwait Approves Bill Supporting Local Banks' Financing of Clients Affected by Pandemic

Published March 18th, 2021 - 12:30 GMT
Kuwait Approves Bill Supporting Local Banks' Financing of Clients Affected by Pandemic
The recommendation was made by the Parliament's Financial and Economic Affairs Committee. (Shutterstock)
Highlights
The cabinet endorsed the bill and referred it to the Deputy Emir.
The Kuwaiti cabinet on Monday approved a draft law on supporting and guaranteeing local banks' loans to clients who were affected by the coronavirus measures.
 

The cabinet endorsed the bill and referred it to the Deputy Emir.

Minister of Foreign Affairs and Minister of State for Cabinet Affairs Sheikh Dr. Ahmad Nasser Al-Mohammad Al-Sabah stated that the cabinet discussed the recommendation on the adequate mechanism to tackle the economic consequences of the pandemic.

The recommendation was made by the Parliament's Financial and Economic Affairs Committee.

Following the weekly meeting chaired by Prime Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah at Seif Palace, Sheikh Dr. Ahmad said the bill is part of a government effort “to ensure the stability of the economic situation and reduce the risks resulting from the effects of the pandemic.”

The cabinet has also mandated the minister of commerce and industry to coordinate with the finance ministry, the Kuwait Investment Authority, the Central Bank of Kuwait, the National Fund for the Supporting Small and Medium Enterprises, Kuwait Economic Society and other relevant bodies to propose a slew of bills and executive measures to back small and medium-sized enterprises and mitigate the impact of the pandemic on them.

 
 

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