(Scientific Progress) The Kuwait Bankers Association organizes a seminar on the role of the banking sector in supporting the development plan
Kuwait City, Sept 9 (KUNA) -- The Kuwait Foundation for the Advancement of Sciences (KFAS) today, Wednesday, in collaboration with the Kuwait Banks Association and Marmar MENA Intelligence, a subsidiary of the Kuwait Finance House, organized a seminar to present the findings of a study on the impact of the Kuwaiti banking sector on the national development plan.
In a press release, the foundation stated that the seminar, held at the Sheikh Abdullah Al-Salem Cultural Centre and attended by a number of leaders and specialists, was organized in line with its role in supporting applied studies that address national priorities and challenges, providing evidence-based insights to support policy development and enhance cooperation among relevant stakeholders.
It added that the study examines the role the banking sector can play in supporting the implementation of projects under the national development plan and achieving the targets of the "New Kuwait 2035" vision, particularly in financing major development projects and public-private partnerships.
The study also covers mechanisms for supporting small and medium-sized enterprises, digital transformation, financial technology, financing of non-oil sectors, and green and sustainable projects.
The Kuwait Banks Association presented an overview of the Kuwaiti economy and the banking sector, along with relevant regional and international experiences, as well as an analysis of key opportunities and challenges related to the role of banks in supporting economic development.
The foundation noted that the study offers a practical and comprehensive vision through actionable recommendations to develop the financing system and support innovation, thereby serving as a model for collaboration between research institutions and the private sector, and as a reference to support evidence-based decision-making.
It highlighted that the study emphasizes the importance of building on the strength and advanced financing capabilities of the Kuwaiti banking sector, underpinned by the prudent regulatory policies led by the Central Bank of Kuwait to enhance financial stability.
The recommendations called for directing more financing toward priority sectors, developing flexible solutions, strengthening partnerships with financial technology companies, expanding green and sustainable financing, and developing governance frameworks.
The foundation affirmed that achieving development targets requires integrated efforts and financing sources among government entities, the banking sector, and the private sector to mobilize resources, accelerate project implementation, and support Kuwait’s transition toward a more diversified and sustainable economy. (End) A.Y.S. / A.M.H.
