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Kuwait's $110bn spending plan seen to accelerate private sector lending
- Kuwait: Monday, January 14 - 2013 at 04:20
Kuwaiti private sector borrowing, boosted last year by a jump in consumer loans, may accelerate in 2013 at the fastest pace since 2009 as the government plans to speed implementation of a $110bn investment plan, Bloomberg has reported. The rate of lending growth more than doubled last year, with personal loan growth rising the most in more than three years, offsetting a decline in loans to investment companies, according to data by the central bank of Kuwait. "We believe 2013 would certainly be better than 2012 and it would witness a healthy credit growth, driven primarily by a rebound in the real estate sector and government support," said Mandagolathur Raghu, head of research at Kuwait Financial Centre. "The private sector is coming back to business and hence will drive credit growth."
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