An Industrial Bank of Kuwait (IBK) representative highlighted Kuwait's successful experience in supporting the private sector and national food security during a seminar hosted by the Food and Agriculture Organization (FAO) marking World Food Day celebrations.
IBK Assistant Director for Agriculture Finance Portfolio Abdullah Al-Saleh said in a speech during the seminar that his administration has made concessional financing to agriculture, animal, and fish resource projects to hundreds of owners of private projects.
Al-Saleh briefed participants on IBK's policy which contributed over the last decade with investment totaling KD 136 million (equivalent of USD 500 million), to finance around 500 project which has achieved notable successes.
The Kuwaiti official noted on contributions that made a quantum leap in self-sufficiency for some products and in the renewal of family farms, thanks to soft loans that help them keep pace with the technological developments of modern agricultural thereby enhancing food security for the country.
The 2014 World Food Day theme Family Farming: "feeding the world, caring for the earth", focuses world attention on the significant role of family farming in eradicating hunger, poverty and malnutrition and achieving sustainable development.
Established on 10th December 1973, IBK started with the initiative of the Government of the State of Kuwait through signing the Memorandum and Articles of Association of the Bank, thus the primary objective and intent of the Government has met the same of the Private Sector to establish the Bank.