CBK to invest $30 million in Yemen

KUWAIT, Oct. 31 (Saba) - The Commercial Bank of Kuwait (CBK) has
announced it will invest a capital of $30 million in Yemen in
partnership with the Yemen-Gulf Bank and the International Finance
Corporation.

The announcement was made at the meeting that gathered head of the
General Authority for Investment Salah al-Attar and chairman of the
board of directors of the bank Abdul Majeed al-Shati.

The meeting discussed opportunities and merits of banking investment
in Yemen and raised issues related to cooperation between the CBK
and the Yemen-Gulf Bank.

Al-Attar also met with director of the following-up unit at the
Kuwait Investment Authority Mutlaq al-Sana'a and Waleed al-Rowdhan
from the Kuwaiti Investment Authority and discussed with them
aspects of cooperation between the two countries authorities of
investment.

He also met with executive director of the Kuwait Finance House
(KFH) Muhammad Al-Omar. The two discussed the possibility of
supporting private sector projects through ensuring necessary
transfers to establish strategic projects in Yemen.

Al-Attar submitted to al-Omer two private sector projects to study
the possibility of providing funds for their establishment.

Al-Attar also met with chairman of the board of directors of the
Arab Social and Economic Development Fund Abdul Latif al-Hamad and
discussed ways to boost cooperation between the fund and General
Authority for Investment.

Al-Attar, furthermore, held talks with Kuwaiti company owners and
investors topped by the the M.A Kharafi Group of Kuwait Nasser Abdul
Muhsen al-Kharafi who said his company plans to establish
investment projects in Yemen in various promising investment
sectors.

Al-Attar introduced them to investment opportunities and
facilitations the Yemeni investment laws provide for foreign
investors.

NN/FR