World Bank: Kuwait is a Key Partner in Enhancing Investment, Economic Growth, and Job Opportunities

Azhar Iqbal Hussain, Director of the World Bank Group’s office in Kuwait, emphasized the importance of partnering with Kuwait to support development priorities and enhance investment. He noted that the Group aims to leverage its international expertise to develop economic policies, improve the business environment, and expand private sector participation in development projects, thereby stimulating economic growth and creating jobs.

Speaking on the sidelines of the World Bank Group’s diwaniya held last Tuesday at the St. Regis Kuwait hotel under the theme “Partners in Growth and Prosperity,” Hussain stated that Kuwait is a key partner in a cooperation journey spanning nearly six decades. He affirmed that the Kuwaiti private sector possesses a solid foundation and innovative capabilities that qualify it to capitalize on investment opportunities in regional and international markets.

He explained that the Group seeks to deepen its cooperation with Kuwait through knowledge exchange and by drawing on its accumulated expertise over eight decades. This includes supporting the efficiency of economic policies, developing the public sector, improving the investment and business climate, and strengthening public-private partnerships.

He added that mobilizing private capital and directing it toward development projects is a central pillar of the Group’s efforts to achieve sustainable growth. He pointed out that the challenge extends beyond providing financing to also ensuring that investments generate economic and social value and create new employment opportunities.

He noted that channeling Kuwaiti capital and expertise into markets in need of further development presents an opportunity to boost economic activity and expand investments. He stressed the importance of supporting Kuwaiti companies in their international expansion and leveraging opportunities in emerging markets.

He clarified that the World Bank collaborates with the Kuwaiti government on knowledge exchange and utilizing international expertise, while the International Finance Corporation focuses on supporting the private sector and helping companies grow and expand, particularly in emerging markets.

He highlighted that the Group comprises 190 member countries and has a presence and operations in approximately 110 countries. He noted that Kuwait’s representation on the Group’s Board of Directors reflects its standing within the international cooperation framework.

Hussain affirmed that job creation lies at the core of the Group’s development agenda, and that its various activities aim to support economic growth and achieve sustainable developmental impact, whether through cooperation with the public sector or by supporting companies and private investments.

He pointed out that the Group works to provide expertise and tools that help companies expand into new markets and facilitate investments that contribute to development and broaden employment opportunities.

Regarding the diwaniya, Hussain explained that choosing this traditional Kuwaiti social gathering reflects the Group’s appreciation for local culture. It provides a space for direct communication, idea exchange, listening to partners’ needs, and showcasing expertise and financial and advisory tools that can be utilized to support the Kuwaiti economy.