LOC10:42
07:42 GMT
By Sulaiman Redha
KUWAIT, Jan 8 (KUNA) -- The Industrial Bank of Kuwait (IBK) managed during the past 50 years to become a main factor in supporting local industries by offering services that helped achieve Kuwait's industrial development.
The Industrial Bank of Kuwait, which was established in 1973 with a government initiative, is a bank specialized in supporting the Kuwaiti industry by providing medium and long-term financing for the establishment, expansion, and modernization of the industrial sectors with a capital worth KD 20 million.
IBK's Chief Executive Officer (CEO) Ali Khajah said in a statement to KUNA on the bank's 50th anniversary, that the bank succeeded since day one in achieving its main goal of supporting and financing local industrial development.
Khajah said that the bank also offers a full range of developmental finance, commercial banking, and treasury products to meet the needs of its industrial development, adding that from 1974 until 2022, IBK achieved its goals by funding 1,179 industrial projects and 527 Industrial facilities in various fields in the country.
He noted that the bank manages three financial portfolios on behalf of the government, consisting of industrial financing, with a capital valued at KD 100 million, which provides medium and long-term financing.
Khajah added that the second portfolio targets agricultural financing, with a capital of KD 50 million, aims to finance agricultural production projects, as well as support the development and expansion of existing agricultural projects.
The third portfolio is small enterprises financing, affiliated with Kuwait's Investment Authority (KIA) was established in 1998 with a capital of KD 50 million), and succeeded in funding 2,168 projects until 2022 with investments exceeding KD 251 million, Khajah added.
Regarding the agricultural financing portfolio, Khajah said that it aims to support Kuwait's food security by offering short-, medium-, and long-term loans, noting that it financed almost 941 projects until 2022.
He also added that IBK is working on setting a five-year strategic plan, with an international consulting company, to achieve a vision that aims to develop the industrial and economic sector in Kuwait.
He added that the four strategic goals are to achieve financial sustainability by developing their technological services and customer service, as well as offering a wide range of services and opportunities to their customers. (end)
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