Amir congrats Zambia:

News in Brief

His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah sent Monday a cable of congratulations to the President of Zambia Edgar Lungu on the occasion of his country’s national day, wishing him all the best and more prosperity for his country.

His Highness the Crown Prince Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and His Highness the Prime Minister Sheikh Jaber Mubarak AlHamad Al-Sabah also sent similar cables, wishing him all the best. (KUNA)

Granting loans:

The Central Bank of Kuwait (CBK) will soon meet the executive officers of local banks to discuss the economic climate, especially the credit market progress, reports Al-Qabas daily quoting a banking sector source.

The source confirmed that talks are underway to activate the mechanism for granting loans in exchange for shares, considering the credit volume in this sector is lower than what is allowed. He pointed out the margin is wide for increasing credit to trade in debentures. Cash payment sought: The contract that Kuwait signed recently to supply Egypt with petroleum products includes a stipulation allowing Kuwait to collect the value of such sales in cash, reports Al-Rai daily quoting sources.

Sources clarified the contract excludes exceptional facilities, discounts and grants that Kuwait offered to Egypt, indicating the recent agreement has yet to be submitted to the Cabinet while the ability of Egypt to pay will be determined through the size of Egyptian demands.

The sources did not disclose the size of petroleum demands that Egypt presented to Kuwait until the end of the year but they affirmed Kuwait’s readiness to cover monthly demands stated in the agreement between the two countries.