KUWAIT: Lebanon wants to negotiate fuel imports with Kuwait to help Beirut cope with an economic and financial crisis, Lebanon’s internal security chief said in remarks published on Tuesday.
Abbas Ibrahim told Kuwaiti newspaper Al Rai he had discussed the matter with Kuwaiti officials during a visit to the oil-exporting Gulf Arab state this week along with other “shared ideas” that could help alleviate Lebanon’s crisis.
“We want to purchase 100% of our requirements from Kuwait without going through agents or companies looking to make a profit ... this is a purely commercial matter and I hope there will be no obstacles to it,” Al Rai quoted Ibrahim as saying.
He said the request would be raised to Kuwait’s ruler.
Lebanon is suffering a dire financial crisis and hard currency liquidity crunch. The Lebanese pound has lost some 80% of its value since October.
There was no immediate comment from Kuwaiti officials on the request. Abbas, in the newspaper interview, declined to elaborate on what other assistance Lebanon may have sought.
Gulf states have long channelled funds into Lebanon’s fragile economy but are alarmed by the rising influence of Hezbollah, a powerful group backed by their arch-rival Iran.
They appear loath now to help ease Beirut’s worst financial crisis in decades, with a senior official in the United Arab Emirates last month saying Lebanon was paying the price of deteriorating ties with wealthy Gulf Arab neighbors.
Kuwait is seeking to bolster its own finances amid low oil prices and the coronavirus pandemic, and has been rapidly depleting its General Reserves Fund to plug a budget deficit.
Another leading Kuwaiti newspaper, Al Qabas, quoted sources as saying it would be difficult for Kuwait at this time to consider supporting Lebanon through a central bank deposit.
Lebanon seeks fuel imports from Kuwait
https://arab.news/6ccp8
Lebanon seeks fuel imports from Kuwait
- Lebanon’s internal security chief said he had discussed the matter with Kuwaiti officials during a visit
Saudi Cultural Development Fund signs credit facility agreements to support 5 establishments worth over $16.7m
RIYADH: The Saudi Cultural Development Fund has signed five credit facility agreements under its “Cultural Financing” program, totaling over SR63 million ($16.7 million), to finance several cultural projects.
This took place during the Development Finance Conference Momentum 2025, organized by the National Development Fund at the King Abdulaziz International Conference Center in Riyadh.
These facilities aim to support the growth of a distinguished group of cultural projects targeting four sub-sectors: architecture and design, theater and performing arts, music, and visual arts.
These undertakings focus on several areas, including supporting the infrastructure of cultural sectors, such as establishing a music institute and a creative complex, in addition to providing support services and developing national talents and expertise.
It is worth noting that among the projects included in these credit facilities is the “Sifr Creative Group,” an innovative cultural destination that embraces creative individuals and provides a comprehensive environment for production and development.
The complex contributes to strengthening the cultural infrastructure through an integrated system that supports creative work and programs dedicated to empowering talent and the sector, serving as a platform that enriches the cultural landscape and opens broader horizons for innovation and local production
The Cultural Development Fund signed these credit facilities as part of its role as a center for financial empowerment in the cultural sector. The initiative supports micro, small, and medium enterprises to help diversify the national economy, develop cultural talent, and enhance quality of life in line with the Kingdom’s Vision 2030 and the Sustainable Development Goals.
The signing of these credit facilities by the Cultural Development Fund comes within its role as a center of excellence and financial empowerment in the cultural sector. This initiative also forms part of the fund’s broader efforts to support micro, small, and medium enterprises, to enhance their role in diversifying the national economy, developing cultural talent, and raising the quality of life; contributing to achieving the Sustainable Development Goals under the umbrella of the Kingdom’s Vision 2030.
