Financial and Banking News


Minister Defends Controversial Loans 

Kuwait's Minister of Oil and Industry, Shaikh 'Ali Khalifah al-Sabah, has defended actions taken when he was Finance Minister in lending KD744mn ($2.5bn) from the State General Reserve (SGR) to a group of illiquid investors. Speaking in the National Assembly on 31 December, Shaikh 'Ali pointed out that 95 of the 203 loans made under the terms of this scheme had already been signed before his...