" /> " /> " />

Kuwait banks to fund $104.2bn development plan

21 August 2010

The Kuwaiti cabinet has given its approval to the country's banks to finance a KD30bn ($104.2bn) development plan and is prepared to back them with guarantees, Reuters has reported. Kuwait's parliament approved the four-year plan in February, with the government providing 50% of the finances, while the rest will be provided by private investors. The decision "put the banking sector and the private sector at ease," because there had been talk about funding the plan through a state fund, independent analyst Ali al-Nimesh said. "The success of the plan lies in actual participation of the private sector," he added.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications