By Eman Goma
Fund designed to buy stakes in big operational firms in market; buy assets in firms.
Kuwaiti lenders have discussed a proposal to set up a "financial stability" fund with capital of up to KD2bn ($6.97bn) to buy stakes in firms, a Kuwaiti daily said on Thursday.
"It is designed to first to buy stakes in big operational firms in the market, besides buying assets in firms," Kuwaiti newspaper Al Qabas said in an unsourced report.
The fund, which would be set up through banks and government investment, will be worth between 1bn and KD2bn, Qabas said.
Troubles at several prominent investment firms in the OPEC member, including Global Investment House and Investment Dar, prompted the government to approve a $5bn stimulus package in April to help weather the global economic downturn. (Reuters)For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.