Kuwait to host int''l financial institute - official 29 September, 2009
Kuwait will sign in a few days an agreement on establishing an international financial institute to develop human resources in the Gulf state to serve the region, a Kuwaiti official announced here.
Managing Director of the Kuwait Investment Authority (KIA) Bader Al-Saad told KUNA, on the sidelines of his official visit to Italy, that the agreement on establishing a regional branch of the Institute of International Finance (IIF) will be signed in Istanbul with the International Monetary Fund (IMF).
The institute will apply international standards in training financial leaders in the region including the Gulf states, and spreading in the west from north Africa to Egypt, Syria, and Lebanon, and in the east to Iran and the Indian Peninsula, he said.
He pointed out that IIF had two branches in Austria and Singapore and that establishing a new branch in Kuwait was part of the state's policy to become an international financial and trade center.
Meanwhile, the Kuwaiti official said that the world economic crisis proved that major Gulf investment funds in industrial countries had long-term investments that were not affected by the swinging of markets.
He announced that KIA will be studying the opportunities and future of renewable and alternative energy technologies.Al-Saad, who arrived here Monday, will be heading to France Tuesday evening after meeting Italy's Foreign Affairs Minister Franco Frattini.
