1.3 billion dinars loans granted in Kuwait during 2020

According to the annual report for the year 2020 issued by the Industrial Bank of Kuwait, obtained by Al-Anbaa, the credit directed to the real estate sector came first with a value of 9.22 billion dinars, accounting for 23.2% of the total credit granted by the banking sector in Kuwait.Join Our Telegram group to know the latest news in Kuwait https://t.me/kuwaitoffering

The trade sector ranked second in terms of facilities granted to the private sector with 3.27 billion dinars, 8.2% of the total, and the industry sector came third with 2.05 billion dinars, 5.2% of the total, and the construction and building sector came fourth with 1.88 billion dinars, or 4.7% of the total. Other sectors accounted for 23.3 billion dinars, representing 58.6% of the total.

The “Central” of Kuwait had decided during March 2020 to reduce the discount rate from 2.5% to 1.5%, i.e. a reduction of 1%, which is the lowest level in history, with the aim of reducing the cost of borrowing for all economic and financial sectors, including individuals and institutions, to enhance an environment that supports economic growth and maintains stability. cash.

The Industrial Bank

By the end of 2020, the Industrial Bank of Kuwait will have spent 47 years in the industrial lending activity, during which it provided soft industrial loans to 1,135 industrial projects, granted to 518 industrial establishments in various sectors in Kuwait.

The total accumulated obligations of the Industrial Bank with industrial loans since the start of its activity in financing industrial projects in 1974 until the end of 2020, amounted to about 1.3 billion dinars, where the average ratio of bank financing to the cost of projects was about 57%, and the average cost of one project reached about 2 million dinars. The average loan size was 1.16 million dinars.

It is worth noting that during the Corona Virus pandemic, the Industrial Bank of Kuwait supported the bank’s customers by providing a package of stimulus measures by supporting vital sectors and value-added activities for the local economy from individuals, small and medium enterprises and companies, by providing soft financing to these sectors to cover the deficit in It has cash flows in order to avoid the transformation of the challenges faced by customers from a temporary lack of liquidity, to long-term problems that affect their financial ability to continue and help them overcome the current conditions.

In compliance with the decision of the Central Bank of Kuwait issued on March 31, 2020, the Industrial Projects Financing Department, the Islamic Portfolio and the Small Projects Financing Portfolio at the Industrial Bank of Kuwait, worked on the concessional financing law and the postponement of installments in line with the decision of the Council of Ministers, with the aim of assisting the bank’s defaulting clients during this crisis.

The agricultural finance portfolio also postponed installments to support farmers and give them an opportunity to focus on production and cover the local market’s need for agricultural products during the relevant period

Source >https://www.alanba.com.kw/ar/economy-news/1073492/29-09-2021

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