March 17, 2021 government

Cabinet approves SMEs loan guarantees bill

The Kuwaiti cabinet on Monday approved a draft law on supporting and guaranteeing local banks’ loans to clients who were affected by the coronavirus measures.

The cabinet endorsed the bill, which was proposed by its economic committee, and referred it to His Highness the Deputy Amir Sheikh Mishaal Al-Ahmad Al-Jaber Al-Sabah, said Foreign Minister and Minister of State for Cabinet Affairs Dr. Sheikh Ahmad Nasser Al-Mohamad Al-Sabah in a statement following the cabinet virtual meeting today.

The cabinet has also tasked the minister of commerce and industry to coordinate with the ministry of finance, the Kuwait Investment Authority, the Central Bank of Kuwait, the National Fund for the Supporting Small and Medium Enterprises, the Kuwait Economic Society, and other relevant bodies to propose a slew of bills and executive measures to back small and medium-sized enterprises and mitigate the impact of the pandemic on them.

Earlier, His Highness the Prime Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah briefed the cabinet about the reassuring recent medical checkups of His Highness the Amir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah in the United States. His Highness the Premier and the fellow ministers wished His Highness the Amir everlasting wellbeing. Health Minister Dr. Sheikh Bassel Al-Sabah updated the cabinet about the epidemic situation in the country. In his presentation, the minister laid it bare that the daily rise in the number of coronavirus infections and fatalities is still high.

He also noted that the number of hospitalizations and intensive care unit occupants is also surging despite the imposed lockdown measures and night curfew. He stressed that this situation requires more vigilance and abidance by preventive measures.

The cabinet also urged all citizens and residents to adhere to all precautionary measures and health requirements as well as halt all gatherings to curb the spread of coronavirus and maintain the safety of all.

The cabinet also mulled the grilling motion presented by a number of lawmakers against His Highness the Premier. His Highness the Premier stated that he will deal with the motion in line with the constitutional articles, National Assembly bylaws, and the verdicts of the Constitutional Court.

The cabinet also approved the draft decree to appoint Advisor Wael Al-Asousi as secretary-general of the cabinet and referred the decision to His Highness Deputy Amir. The ministers also tackled the latest international and regional developments. In this regard, the Kuwaiti government welcomed the formation of a new executive power in Libya and lauded the UN efforts to achieve this goal. It also reiterated Kuwait’s support to international efforts to continue the political process to meet the Libyan people’s aspirations of security and stability.


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