Kuwait’s Finance Minister says KIA not to cut foreign investments

Reuters reports that, “Kuwait’s sovereign wealth fund does not plan to reduce its overseas investments despite launching a 1.5 billion dinar ($5.17 billion) fund to invest in local stock markets, the finance minister said.

‘We won’t lower foreign investment,’ Mustapha al-Shamali told Reuters on the sidelines of an Arab economic meeting in Kuwait, when asked whether the Kuwait Investment Authority would scale back its foreign activities.

KIA, which manages the Gulf state’s massive oil-generated assets, has invested around the globe and last year bought into U.S. banks such as Citigroup Inc.

In December, it launched on behalf of the government a fund to stabilise the second-largest Arab bourse .KWSE, which fell 38 percent last year during a regional stock market rout triggered by the global financial crisis.”

read more: Reuters

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