(MENAFN - Kuwait News Agency (KUNA)) Kuwaiti Minister of Commerce and Industry Anas Al-Saleh said Saturday his ministry is working on a legislation to address the problems of stumbling debtors without harming the creditors in collaboration with the World Bank.
"The draft law aims primarily to improve the business atmosphere and protect the interests of creditors through protecting them against exposure to bad debts," the minister told KUNA.
"The WB has provided the Ministry with an integrated proposal on the creditor-debtor relationship which has been approved by the Ministry," he disclosed.
The proposal includes four axes namely the WB technical assistance, the rehabilitation of stumbling companies, the guarantees for asset transfers, and the launching of an electronic register for guaranteed transactions and an insurance office.
"We are in consultation on the formation of a negotiating team with the Bank involving the concerned state departments such the Central Bank of Kuwait, the Stock Market Authority, and the ministries of finance, justice and commerce and industry," he pointed out.
Al-Saleh added that a WB team is expected in Kuwait in the coming few days for talks with the planned inter-agency team.