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CBK, KIA to borrow locally, globally

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Finance ministry authorizes state bodies to conduct loan operations on its behalf

KUWAIT: Minister of Finance Noura Al-Fassam on Sunday issued a decision authorizing the Central Bank of Kuwait (CBK) and Kuwait Investment Authority (KIA) to borrow from the domestic and global markets, respectively, in favor of the ministry in implementation of the newly issued public debt law.

The two bodies will conduct the borrowing processes for the current fiscal year 2025/2026, which started on April 1, in consultation and prior arrangements with the ministry of finance, said the decision, without providing details about the amounts to be borrowed. Kuwait issued a new debt law in March, putting a ceiling of KD 30 billion on public debt and maturity at 50 years. It will be the first time Kuwait returns to borrowing since 2017.

Published in the official gazette Kuwait Alyoum, the decree is based on the Amiri decree-law regarding financing, liquidity and public debt strategy, as well as the approved financing plan for the 2025/2026 fiscal year. According to the first article of the decree, the CBK is authorized — on behalf of and in coordination with the ministry — to conduct

domestic loan operations in Kuwaiti dinars or major convertible foreign currencies. These operations must follow internationally recognized financial instruments and practices.

The second article authorizes KIA to conduct external loan operations in major convertible foreign currencies from the global market, also on behalf of and in coordination with the ministry, and in line with international financial practices. The third article mandates the relevant authorities to implement the decree within their respective jurisdictions and submit periodic reports to the minister of finance on actions taken under its provisions.

Director of public debt at the finance ministry Faisal Al-Muzaini said last week the state is expected to borrow between KD 3 to 6 billion during the current fiscal year to finance development projects. Al-Muzaini also said that the ratio of debt to gross domestic product (GDP) in Kuwait is very small at just 2.9 percent, whereas it is 60 to 70 percent in many countries. He said that the 2025-2030 five-year strategic borrowing plan will be determined by oil prices, global markets and risks associated with borrowing.

Finance ministry undersecretary Aseel Al-Munaifi also said last week the new debt law will stimulate the economic environment and promote foreign investments into Kuwait, besides accelerating economic growth and strengthening the banking system in Kuwait. She said that a law regulating the issuance of sukuk, or Islamic bonds, is expected to be issued soon as it is being reviewed by authorities at the council of ministers.

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KIPCO Group companies organize blood donation drive on World Donor Day

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KUWAIT: For the second consecutive year, Kuwait Projects Company (Holding) – KIPCO, Kamco Invest, United Real Estate Company (URC), and United Facilities Management (UFM) came together to organize a blood donation drive in collaboration with the Kuwait Central Blood Bank, under the theme “Be the Reason”. The campaign reflects a powerful message that by choosing to donate blood, each individual has the power to be the reason someone heals, survives, or finds renewed hope. This initiative was held in occasion of World Blood Donor Day, which takes place annually on June 14. Building on the success of last year’s campaign, this initiative reflects the group’s continued dedication to corporate social responsibility and collective action that delivers sustainable community impact.

Hosted at the Chairman’s Club on the 54th floor of KIPCO Tower, the drive witnessed strong engagement from employees across all participating companies, reinforcing a shared culture of collaboration and social solidarity. The initiative aligns with the strategic direction of KIPCO Group companies in integrating Environmental, Social, and Governance (ESG) principles into their operations. By actively supporting public health through meaningful initiatives, the group demonstrates its ongoing commitment to sustainability and community well-being. This campaign reaffirms the power of unified efforts between sister companies and healthcare partners in driving real, lasting change.

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NBK organizes blood donation campaign for its employees

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KUWAIT: In line with World Blood Donor Day and as part of its social responsibility and community service, National Bank of Kuwait organized a successful blood donation campaign for its employees at the bank’s headquarters where employees from different departments and sectors showed strong participation and desire to contribute to this noble act, further highlighting NBK’s belief that such campaigns play an effective role in providing support for the ill and in need.

Such campaigns are part and parcel of NBK’s strategy, as it aims to raise society’s awareness about the importance of donating blood, as well as highlight how this act can save many lives and further enhance Kuwait’s blood bank inventory. Moreover, NBK strives to instill acts of social responsibility at the core of its strategy, as it stands as an effective partner in social development through its various campaigns as well as the educational, environmental and healthcare initiatives that have become a true embodiment of the bank’s deep commitment towards serving all society’s segments.

On their part, the Blood Bank team commended this benevolent initiative and applauded NBK’s humanitarian endeavors that have always strived to serve the nation and society in the best way possible. NBK has always organized blood donations in support of Kuwait’s Blood Bank and as an expression of social solidarity. Furthermore, NBK is committed to providing support for all healthcare institutions by organizing relevant events and campaigns to raise awareness and promote healthy lifestyles. It should be noted that NBK’s record is filled with pioneering social and humanitarian initiatives across different sectors, including health awareness and illness prevention campaigns. At the forefront of these campaigns comes breast cancer awareness and early detection, diabetes, prostate cancer and many others.

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Kuwait, Russia celebrate growing tourism, plan energy investment talks

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KUWAIT: Assistant Foreign Minister for European Affairs Ambassador Sadiq Marafi reaffirmed the strength of Kuwaiti-Russian relations, which were formally established in 1963, and expressed hope for expanded cooperation in the years ahead.

Speaking to the press on the sidelines of the Russian Federation’s National Day celebration, held Thursday at the Russian Embassy in Kuwait, Marafi noted a significant increase in Kuwaiti tourism to Russia, especially to emerging travel destinations within the country.

On the economic front, Marafi announced that a joint committee is set to convene during the upcoming Energy Summit to explore mutual investment opportunities.

During the event, Russian Ambassador to Kuwait Vladimir Zheltov lauded Kuwait as a longstanding and trusted partner, recalling the historic visit of Russian naval vessels to Kuwait during the reign of His Highness the late Amir of Kuwait Sheikh Mubarak Al-Sabah, known as Mubarak the Great. He also emphasized that Kuwait was the first Gulf state to establish diplomatic relations with Russia in 1963.

“We value the wisdom and pragmatism of Kuwait’s leadership. Despite global political shifts, our cooperation continues across trade, economy, energy, military-technical sectors, and humanitarian areas,” he said. The ambassador also celebrated the rapid growth of tourism between the two nations.

Marking Russia’s National Day, Zheltov paid tribute to Russia’s history and cultural legacy. “We are proud of our ancestors, who built a unique civilization and a great Russian culture across the vast Eurasian landscape.” He spoke of Russia’s resilience in the face of historic and modern challenges. “Russia continues to champion a fair and multipolar world based on equality and indivisible security,” he said.

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