Kuwait approves law to guarantee bank loans for pandemic-hit businesses

Governments worldwide have been forced to intervene to help support struggling businesses over the last year. (Shutterstock)

• Lawmakers approved a bill to secure guarantees for local banks to extend loans to COVID-hit businesses
• The parliament also agreed to allow citizens that had been affected to delay repayments

DUBAI: Kuwait approved draft laws to help businesses affected by the coronavirus pandemic, state news agency KUNA reported.

Lawmakers approved a bill to secure guarantees for local banks to extend loans to businesses that have been affected by the pandemic.

All 33 MPs in attendance backed the bill.

The parliament also agreed to allow citizens that had been affected to delay repayments to both public and private institutions for six months .

Governments worldwide have been forced to intervene to help support struggling businesses over the last year by offering subsidized wage schemes, tax breaks other financial supports in an effort to stave off widespread bankruptcies.