Central bank chief sees credit data as driver of economic growth

KUWAIT, Nov 26 (KUNA) -- Kuwait's central bank chief Basel Al-Haroun on Wednesday underlined the "vital" role of credit information firms towards luring foreign investment and bolstering economic growth, saying that their activities contribute to higher productivity and more job gains.
Hosting the Arab Committee on Credit Information's annual talks for the first time, the Kuwaiti central bank governor said it was part of national efforts to "foster knowledge and drive innovation," in a bid to solidify Kuwait's position as a regional "financial hub," he told the gathering of monetary authorities and credit information companies from across the wider Arab region.
On the "growing significance" of creditors, he described them as "essential enablers" who provide support for businesses and individuals through proper funding that helps expand economic activities, which in turn, gives impetus to efforts aiming to attract foreign investment, he said.
Outlining the committee's primary objectives, Dr. Fahad Al-Turki, who serves as the dual chairman of the Arab Monetary Fund and the Arab Committee for Credit Information, cited an integrated financial environment built on "knowledge exchange and unified standards" among Arab credit institutions as the ultimate aim.
He went on to hail the talks as a "milestone" in advancing Arab financial integration, providing an opportunity to strengthen cooperation among Arab countries in sharing regulatory and technological practices, subsequently building a "financial ecosystem rooted in trust and efficiency," the official emphasized.
Kuwait Credit Information Network Company (CINET), which is hosting the talks, is committed to developing the credit information sector and cementing its role as a "leading regional hub" for credit data, its chairperson Alia Al-Humaidhi said amid the talks, highlighting the gathering as crucial towards the exchange of insights about the credit information industry.
The talks delve into topics pertinent to the credit information industry, including the applications of credit data in fields such as finance, telecommunications and real estate, while exploring opportunities linking credit information companies and global leaders in credit risk management. (end) fnk.nam