Kuwait’s National Assembly will meet in a special session on Tuesday to discuss a proposal to increase the capital of state-owned Kuwait Credit Bank (KCB). 

The move comes as government officials are looking for ways to enable the bank to finance real estate loans in the Gulf state, Kuwait News Agency (KUNA) said. 

The proposed capital increase was taken up in a meeting on Sunday that was attended by Kuwait’s Finance Minister and Minister of State for Economic and Investment Affairs Abdulwahab Al-Rushaid, as well as officials from Kuwait Fund for Arab Economic Development (KFAED) and KCB. 

The bank disbursed a total of 400 million dinars ($1.3 billion) and received 23,000 loan applications in 2021. 

(Writing by Cleofe Maceda; editing by Seban Scaria) 


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022