"Scientific Progress" and "Banks" Discussed Financing Development and Strengthening Public-Private Partnership
The Kuwait Foundation for the Advancement of Sciences (KFAS), in collaboration with the Kuwait Banks Association and Marmur MENA Intelligence, a subsidiary of the Kuwait Financial Centre (Markaz), organized a seminar to present the findings of a study on the impact of the Kuwaiti banking sector on the national development plan. The event was held at the Sheikh Abdullah Al-Salem Cultural Centre and attended by various leaders, specialists, and representatives from the banking and financial sectors, as well as relevant authorities.
In a press statement, KFAS said the study’s funding aligns with its role in supporting applied research that addresses national priorities and challenges, contributing evidence-based insights to inform policy development and enhance cooperation between government entities, the private sector, and financial institutions.
The study examines the role the banking sector can play in supporting the implementation of the national development plan and achieving the targets of the “New Kuwait 2035” vision, particularly in financing major development projects, public-private partnerships, supporting small and medium-sized enterprises (SMEs), digital transformation and financial technology, financing non-oil sectors, and green and sustainable projects.
For its part, the Kuwait Banks Association clarified that the study reviewed the state of the Kuwaiti economy and the banking sector, highlighting a number of regional and international practices and experiences, as well as analyzing key opportunities and challenges related to the banking sector’s role in supporting economic development and financing strategic projects.
The Association emphasized that the study offers a practical and comprehensive vision to support the implementation of the national development plan, through a set of actionable recommendations aimed at developing the financing system, strengthening public-private partnerships, and promoting innovation, digital transformation, and sustainable finance, in line with the targets of the “New Kuwait 2035” vision.
The study also represents a model of cooperation between research institutions, the private sector, and development stakeholders, serving as a reference to support decision-making and the formulation of economic and financial policies on a scientific basis.
The Association further noted that the study underscored the importance of building on the strength, stability, and advanced financing capabilities of the Kuwaiti banking sector, underpinned by prudent regulatory policies and continuous efforts led by the Central Bank of Kuwait to enhance financial stability and develop the banking system.
The study highlighted the need to direct more financing toward priority sectors and development projects, expand banks’ participation in financing public-private partnership projects, develop more flexible financing solutions for SMEs, and strengthen partnerships with financial technology companies while expanding the scope of green and sustainable financing.
The study’s recommendations stressed the importance of developing governance frameworks and institutional coordination among relevant entities, enhancing project monitoring mechanisms, expanding the use of public-private partnership models, and diversifying financing tools through bank lending, financial markets, and co-financing, alongside developing credit guarantees and incentives directed toward financing sectors and projects aligned with the national development plan’s objectives.
KFAS and the Kuwait Banks Association affirmed that achieving national development targets requires integrated efforts and financing sources among government entities, the banking sector, the private sector, and investment institutions, contributing to mobilizing financial resources, accelerating the implementation of development projects, enhancing the role of non-oil sectors, and supporting Kuwait’s transition toward a more diversified, sustainable, and knowledge-based economy.
