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Kuwait dedicates attention to economic legislations - senior official
February 19, 2017, 8:20 am

Kuwait's leadership, in the development approach, dedicates much attention to enacting new economic legislations, says the Minister of State for Cabinet Affairs.

Sheikh Mohammad Al-Abdullah Al-Mubarak Al-Sabah, also the Acting Minister of Information, says Kuwait gives priority to economic legislations that are compatible with His Highness the Amir's vision of transforming Kuwait into a regional-international business hub.

He was speaking at inauguration of Kuwait's Fourth Investment Forum, "Investment in Kuwait .. available and wasted opportunities."

The Government, in coordination with the parliament, has drafted regulations for the National Fund for Small and Medium Enterprises.

These laws regulate in particular tasks of the Industrial Bank for funding projects. Meanwhile, the fund chairman, Dr. Mohammad Al-Zuhair, said the fund management has been seeking since May 2015 to improve the business environment, noting that 95 enterprises in Kuwait are enlisted as small.

The fund seeks to employ more than a single Kuwait in each enterprise, Al-Zuhair said, adding that 131 projects out of 199 ones have been endorsed -- total value of which is in the range of KD 13 million.

Mohammad Al-Dallal, Chairman of the Legislative Committee at the parliament, said the parliament has recently approved a number of bills, one stipulating that the capital portfolio be increased to more than KD 150 million for financing small and medium enterprises for 20 years.

Hessa Al-Ayyar, in charge of the department of business pioneers, has indicated that her department helps in creating an adequate business environment, stimulating young investors and boosting their spirit for making initiatives.

Source: KUNA

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