Local banks offer $1.7b to CSR in 25 yrs
Kuwait awarded membership of FIP
KUWAIT CITY, June 25, (KUNA): Local banks offered up to KD 544 million ($1.7 billion) to corporate social responsibility (CSR) activities over the period 1992-2017, said Kuwait Banking Association (KBA) Monday.
KBA Secretary General Dr Hamad Al-Hasawi stressed in a press statement Kuwaiti banks’ active social participation, enhancing positive effects in line with principles of social interdependence.
These contributions include banks’ commitments according to the laws in effect, through funds retained from their revenues for the Kuwait Foundation for the Advancement of Science (KFAS) and the national labor support program, besides initiatives by each, Al-Hasawi noted.
CSR has become a distinctive characteristic of the economic and social role of banks, combining professional banking with human values, regardless of political considerations, he noted.
Banks provided KD 253.3 million ($834 million) the period 1992-2008; KD 120.6 million ($396 million) for 2009-2012; KD 95.9 million ($313 million) for 2013-2015; and KD 73.9 million ($243.8 million) for 20162017.
The national labor support program received KD 201 million ($663 million), about 37 percent of these contributions, while KD 160 million ($528 million) went to charity, social and humanitarian donations, 30 percent. KFAS received KD 141 million ($465 million), about 25 percent, as KD 29 million ($95 million) were channeled to the Institute of Banking Studies, 5 percent. Finally, KD 12 million ($39 million were offered to cooperative societies.
Kuwait obtained membership of the Federation of International Polo (FIP) and authorized for organization and arbitration of the sport, head of the Kuwaiti polo committee Houssam Al-Kharfai told KUNA Monday.
He lauded that national committee for the achievement amid the “tough circumstances” the Kuwait sports are facing on the international scene.
After a year of hard work and relentless endeavors, FIP’s President Nicholas Colquhoun-Denvers announced the committee, an affiliate of the Kuwait Olympic Committee (KOC), as a full member in the federation as of June 18. Kuwait’s Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah has expressed desire to boost ties with New Zealand in various fields.
Sheikh Sabah Al-Khaled made his remarks in a letter directed to his New Zealand counterpart Winston Peters, Kuwaiti Embassy in New Zealand said in a statement Monday.
The letter was handed to Foreign Minister’s Undersecretary Fletcher Tabuteau by Kuwaiti Assistant Foreign Minister for Americas Ambassador Reem Al-Khaled.
Ambassador Al-Khaled also conveyed the Kuwaiti foreign minister’s greetings to Peters, and stressed the importance of bolstering KuwaitiNew Zealand relationship on all levels.
For his part, Tabuteau lauded his country’s deep bilateral ties with Kuwait, and praised the GCC-member country’s regional efforts, particularly in resolving the ongoing Gulf rift.
He also commended Kuwait’s positive role as a non-permanent member of the UNSC towards several Arab and international issues. (KUNA)
The meeting was attended by Kuwaiti Ambassador to New Zealand Ahmad Al-Wohaib.
Meanwhile, the Kuwaiti diplomat is currently on a three-day official visit to New Zealand, noted the embassy.
During her visit, Al-Khaled has met and held talks with a number of senior foreign ministry’s officials on ways to enhance the two countries’ ties in various fields. (KUNA)