VOL. XLVII

No 03

19-January-2004

REGIONAL BANKING

Kuwait Permits Entry Of Foreign Banks

Kuwaits parliament on 12 January agreed to allow foreign banks to operate in the country in the wider context of attempting to boost foreign investment. Its members passed a bill amending a law which had previously banned the central bank from providing licensing to non-Kuwaiti banks. The bill requires that the foreign bank should have a minimum capital of KD75mn ($254mn) and that 50% of its workforce is...