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NBK backs Kuwait’s $105bn growth plan

Kuwait, November 30, 2010

National Bank of Kuwait (NBK) recently revealed its initiatives to support the public-private partnership underpinning for Kuwait’s $105 billion development plan.

NBK deputy CEO Shaikha Al-Bahar was speaking at the sixth annual two-day Kuwait Projects Conference 2010 organised by Meed, which opened yesterday (November 29) at the JW Marriott Hotel, Kuwait City.

NBK sees the private sector playing a pivotal role in the development plan, and is excited by the government initiative to create new jobs and add to the public and civil infrastructure in Kuwait including new bridges, hospitals, housing, ports, roads, schools and a metro, said Al-Bahar.

She also discussed proposals for the public-private partnership and explained NBK’s vision for how the financing sector can support this marriage of public-private interests will work.

“The Amiri vision projects a growth of the private sector from 37 per cent of Kuwait’s GDP to 44 per cent as an intermediary target,” Al-Bahar said.

“NBK calculates spending for projects to average KD 6 billion per year – KD 3 billion of which will come from private sector financing.”

“As a result, NBK estimates that credit would need to grow by close to 15 per cent in the next four years to help finance the plan. Kuwait’s private sector financial community, led by NBK, is ready, willing and able to support these financing needs,” Al-Bahar added. - TradeArabia News Service




Tags: Kuwait | NBK | Development plan | Public private partnership |

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