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MENAFN - Kuwait News Agency (KUNA) - 04/02/2013

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(MENAFN - Kuwait News Agency (KUNA)) Deputy Prime Minister and Minister of Finance Mustafa Al-Shimali underscored here on Sunday that the economic situation in Kuwait is "good" and does not suffer any problems, calling for more efforts to consolidate and develop business dealings and take the necessary speed to implement developmental projects in the country.

The minister said in a statement after opening the fifth branch of Warba Bank in Farwaniya in the presence of the Bank Chairman and Managing Director Jassar Dakheel Al-Jassar that the government is "working on the implementation of the directives of His Highness the Amir to boost the national economy." He added that in parallel of that, plans made by former and current ministers are also being taken into account to move the economy forward.

He said that the opening of more branches for any banking institution operating in Kuwait "is an added value to support this sector," pointing out that the opening of a new branch for Warba Bank in a short period of time is also an added milestone in building a banking base in Kuwait.

On the government's support for the banking sector, whether Islamic, conventional or foreign, Al-Shimali said that banks operate according to a fixed system and specific criteria of the Central Bank of Kuwait, which regulates all Islamic and conventional banks.

For his part, Al-Jassar said the opening of this branch in Farwaniya completes the strategic expansion pursued by the Bank, which is the latest Kuwaiti bank that is compatible with the provisions of Islamic law, adding that the branch is the biggest among the Warba Bank branches that have opened so far.

Asked about the arrangements made by the Bank recently with local and foreign banks to arrange the financing of the National Industries' Company's compound; worth KD 100 million, Al-Jassar said that despite newness of the bank, "it was able to fund the National Industries Company's project in coordination with other banks." He anticipated that other deals outside Kuwait would be implemented soon.


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