Kuwait City, May 29, 2013 – A new project will strengthen Kuwait’s commercial law and regulation to be more responsive to the needs and aspirations of market participants and bring up to regional and international standards.
The World Bank team in Kuwait May 29-June 5, 2013, includes some of the world’s foremost experts on corporate rehabilitation, distress resolution, debt recovery, secured transactions, financial reporting, and judicial system strengthening. They will work with the Government on strengthening key aspects of the country’s insolvency and creditor/debtor regime. The team will provide support on a new law on enterprise bankruptcy and a framework for expedited court approval of distressed debt workout plans. It will include a new regime for the creation, registration and enforcement of security interests in movable and intangible assets, a strengthened framework for the collection and dissemination of commercial credit histories and the creation of a specialized commercial court.
The project, launched in March 2013 and expected to be completed mid-2014, will contribute to Kuwait’s vision of becoming a financial and trade center.
The World Bank team visiting Kuwait will work closely with an inter-Ministry Steering Group set up by the Council of Ministers under the leadership of H.E. Anas K. Al-Saleh, Minister of Commerce and Industry, who is assisted by H.E. Sheikh Mishaal Al Jaber Al Subah the Chief of the Kuwait Foreign Investment Bureau. The Steering Group includes senior representatives from the Ministries of Finance and Justice, the Central Bank, and the Fatwa and legislation department. Additional meetings are scheduled with senior members of the Ministry of Justice, the Judiciary, and the Capital Markets Authority. The team will also hold technical discussions with lender and borrower communities and legal, financial and restructuring professionals. The Kuwaiti Government is committed to an inclusive and open dialogue with private sector stakeholders.
The World Bank and the Government of Kuwait are committed to a deliberative and inclusive process to achieve crucial reforms. The team will present its findings to the Steering Group which will in turn communicate the government’s feedback. The team is expected to return to Kuwait in a few months for the next round of technical engagements with key stakeholders.