(MENAFN- Kuwait News Agency (KUNA)) Chairmen and CEOs of Kuwaiti local banks on Monday voiced optimism over the national economy this year, but they underlined that development projects should be carried out at an early date and problems facing investment firms be resolved.
Speaking at the annual Euromoney Conference, CEO of Kuwait Finance House (KFH) Mohammad Al-Omar stressed the necessity of diversifying national economic resources and spurring the private sector to play a bigger role in development projects.
The country's national development drive is primarily intended to set up infrastructure, including the Silk City's business center, Al-Sabbiya bridge, metro, railways, Mubarak Al-Kabeer seaport and housing projects, he said.
Al-Omar expected Kuwaiti banks to do well in the coming period, stressing the significant role of governmental spending and its basic role in supporting the market and opening business fields for the private sector.
For his part, Chairman of the United Ahli Bank and Kuwait Banking Association Hamad Al-Marzouq said the local economy, to some extent, has recovered and all problems facing the banking sector have been resolved.
But, he called for finding appropriate solutions to the problems of investment companies in Kuwait.
On a recently passed bill on dropping defaulters' loan interest, he affirmed Kuwaiti banks would not be affected by the dropping of loan interest and the so-called Family Fund as the government would pay off banks' dues.
A total of 4,000 debt dossiers have been carefully examined, he said, adding that some banks had to pay KD 28 million in fines due to loan irregularities.
However, he underlined the necessity of setting out a clear-cut strategic vision for the Kuwaiti national economy targeting economic development by means of allowing the private sector to play a bigger role in national development and cutting the hegemony of the governmental sector, as it has become imperative to diversify national income resources, rather to heavily hinge upon oil.
Al-Marzouq listed three priorities for pushing the national economy as addressing the conditions of investment firms, reactivating significant laws, especially the privatization law, and allowing local banks to finance development and infrastructure projects.
For his part, Gulf Bank CEO Michel Accad said Kuwaiti banks own large liquidity and anticipate a good opportunity to invest it with high rewarding, calling for involving Kuwaiti banks in national development projects.
The reactivation of the national economy can be achieved through addressing the conditions of investment companies and speeding up the execution of development projects as well as putting all relevant decrees in place.
On the Gulf Bank, Accad said his institution boasts a simple and successful strategy based on a strong budget by means of providing developed services. Â
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