The Cabinet Approves A Bill To Support Bank Financing For Those Affected By The Repercussions Of Corona

The Cabinet decided to approve a bill, to support and guarantee financing by local banks, to clients affected by the repercussions of the Coronavirus crisis, and submit it to His Highness, the Deputy Emir.

The Cabinet clarified that the draft law comes within the framework of the government's keenness to ensure the stability of the economic situation and reduce the risks of the effects resulting from the Coronavirus pandemic, as well as the recommendation of the Economic Affairs Committee, regarding the appropriate mechanism to address the economic repercussions resulting from the Corona pandemic. 

The Council also decided to assign the Minister of Trade and Industry, in coordination with each of the «Ministry of Finance - Public Investment Authority - Central Bank of Kuwait - National Fund for Small and Medium Enterprises Development - Kuwait Economic Association - and the entities it deems appropriate» to complete the governmental efforts exerted in supporting the owners of small and medium enterprises. Developing views and providing the necessary legislation and appropriate solutions to address the economic repercussions resulting from the Coronavirus pandemic, and to inform the Council of Ministers of what ends up happening, within a month of its date.

 

 

SOURCE  ALQABAS

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