The Kuwait Foundation for the Advancement of Sciences (KFAS), in partnership with the Kuwait Banking Association (KBA) and Marmore MENA Intelligence, recently presented a comprehensive study examining the role of Kuwait’s banking sector in supporting the country’s National Development Plan. The seminar took place at the Sheikh Abdullah Al-Salem Cultural Centre in Kuwait City on September 9, bringing together senior officials, financial experts, and key stakeholders from both the public and private sectors.
The study, produced by Marmore—the research division of Kuwait Financial Centre “Markaz”—focuses on how the banking sector can facilitate the implementation of development projects aligned with New Kuwait Vision 2035. It addresses several critical areas, including financing for major infrastructure projects, public-private partnerships (PPPs), support for small and medium-sized enterprises (SMEs), fintech and digital transformation, non-oil sector development, and green and sustainable finance initiatives.
KFAS highlighted that its funding of the study underscores its commitment to applied research aimed at addressing national priorities and providing evidence-based insights to policymakers. According to the foundation, such research is vital for enhancing cooperation between government bodies, financial institutions, and the private sector.
During the seminar, the study’s findings identified both opportunities and challenges for expanding the banking sector’s involvement in national development efforts. The research reviewed the current economic and banking landscape in Kuwait and benchmarked regional and international practices to pinpoint gaps in policies, regulatory frameworks, financing options, and project execution processes.
Key recommendations included increasing financing allocations toward priority sectors, broadening banks’ engagement in PPP projects, and introducing more flexible financing solutions tailored to SMEs. The study also stressed the importance of strengthening partnerships with fintech companies to leverage innovation, alongside fostering growth in green and sustainable financing.
Additionally, the report called for enhanced governance structures and improved institutional coordination among stakeholders. It advocated for better mechanisms to monitor project progress and for diversifying financing instruments through bank loans, capital market operations, syndicated loans, credit guarantees, and targeted incentives. These measures aim to support projects and sectors that align with the goals outlined in the National Development Plan.
Representatives from KFAS and the KBA emphasized that meeting Kuwait’s development targets requires integrated efforts that combine resources and coordination across government entities, the banking sector, private enterprises, and investment institutions. They stressed that this collaborative approach will not only help mobilize necessary financial resources and speed up project delivery but also contribute to diversifying Kuwait’s economy, reducing dependence on oil revenues, and fostering a more sustainable and knowledge-based economic model.