São Paulo – Kuwait supplied financing to 1,035 small and medium businesses in the last three years, Kuwait News Agency (KUNA) reported this Monday (4). The funding amounted to KND 177 million, the equivalent of USD 582 million at current conversion rates.
The numbers were revealed by Public Authority for Industry (PAI) deputy director-general Mohammad Al-Adwani (pictured). He said small and medium enterprises drive industrial growth and create jobs in Kuwait. According to Al-Adwani, the administration is creating a business environment that’s welcoming to foreign investment.
He also said industrial production is the focal point of Kuwait’s development strategy through 2035, designed to make Kuwait a global trade hub. “The government has taken tangible and concrete steps to ensure that local goods would ultimately be synonymous with world-class standards,” said Al-Adwani.
Kuwait is working to encourage the private sector. Measures were put in place including legal reforms, privatizations and public-private partnership projects in fields including real estate, education, water, sewage, transportation and solid waste management. The World Bank recently lauded these efforts.
Translated by Gabriel Pomerancblum
