Mubasher: Local banks in Kuwait have provided KWD 2.7 billion ($8.9 billion) worth of credit facilities to businesses under the economic stimulus package, launched by the government early April, Kuwait News Agency (KUNA) reported.

Around 80% of the finances, KWD 2.16 billion were granted to businesses impacted by the coronavirus (COVID-19) outbreak, according to data by the Central Bank of Kuwait (CBK).

The CBK has lowered the credit risk weight from 75% to 25% in calculating the capital adequacy ratio, in order to encourage more banks to support small and medium-sized enterprises (SMEs).

A recent report showed that more than 50% of companies in Kuwait were severely affected by the economic consequences of the COVID-19 crisis.