Kuwaiti banks setup $33mln fund to fight coronavirus

The special fund came in line with social and national responsibilities as to coping with the emergency health situation: CBK Governor

  
Governor of the Central Bank of Kuwait Mohammad al-Hashel speaks at the opening of the Euromoney Conference in Kuwait City September 9, 2014.

Governor of the Central Bank of Kuwait Mohammad al-Hashel speaks at the opening of the Euromoney Conference in Kuwait City September 9, 2014.

REUTERS/Stephanie McGehee

KUWAIT CITY - Governor of the Central Bank of Kuwait (CBK) Dr Mohammad Al-Hashel announced on Sunday setting up a KD 10 million ($33 million) fund — to be financed by Kuwaiti banks — to back up government’s efforts in fighting the novel coronavirus.

Dr Al-Hashel said in a statement that establishing the special fund came in line with social and national responsibilities as to coping with the emergency health situation, also as back-up to the government departments that have been fighting the novel coronavirus. It is also in line with keenness of the banking sector in Kuwait to shoulder the national responsibility in this respect, boosting role of the private sector regarding such a social responsibility and as follow-up on previous efforts masterminded by the CBK to take all necessary precautions against the virus, he added.

The fund has been placed at disposal of the Cabinet for disbursement on urgent and necessary needs, as warranted by multiple government precautions in facing the virus. The governor expressed gratitude to the banks for their rapid response with their contributions to the fund — in addition to the measures they have been taken for health of their clients and staff.

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