LOC22:35
19:35 GMT
(With photos)
ALGIERS, May 8 (KUNA) -- Chairman of Kuwait Finance House (KFH) Bader
Al-Mukhaizeem hoped Tuesday his bank will venture into the Algerian banking
sector, as well as a various investment projects.
Speaking to Kuwait News Agency (KUNA) before departing from Algeria to
Morocco, Al-Mukhaizeem stressed the importance of launching Kuwaiti
investments in Algeria, adding that Kuwaiti banks were ready to consider all
projects that have economic feasibility.
All necessary Algerian economic data must be made available to Kuwaiti
investors and this lack of information has delayed Kuwaiti investments in
Algeria, he noted.
Al-Mukhaizeem, who is also a board member of Union of Kuwaiti Banks (UKB),
said this visit was quite a fruitful opportunity, especially as it included
meeting Algerian President Abdelaziz Bouteflika, Bank of Algeria's Governor
Mohammed Laksaci, as well as several other officials.
Algeria is witnessing a great amount of liberalization to attract foreign
investments and Kuwaiti businessmen have abundant expertise in investing in
many countries, he noted.
It is hoped to establish some form of economic integration as Kuwait has
the capital and expertise, while Algeria has investment opportunities and
development potential, he explained.
Another visit to Algeria is needed to examine investment opportunities that
would boost Algerian economy, he added.
Al-Mukhaizeem was part of a 13-member Kuwaiti economic delegation headed by
Chairman of Kuwait Chamber of Commerce and Industry Ali Al-Ghanem.
Established in 1977 as an Islamic bank, KFH has investments exceeding USD
30 billion. (end)
ft.ayh
KUNA 082235 May 07NNNN