NBK delegation participates in IMF and World Bank Group meetings

KUWAIT: The official delegation representing National Bank of Kuwait (NBK) concluded its participation in the annual events and meetings organized by the Board of Governors of the International Monetary Fund (IMF) and the World Bank Group. These gatherings are taking place in Marrakech, Morocco, from October 9 -15. NBK delegation was headed by Isam Al-Sager, …

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KUWAIT: The official delegation representing National Bank of Kuwait (NBK) concluded its participation in the annual events and meetings organized by the Board of Governors of the International Monetary Fund (IMF) and the World Bank Group. These gatherings are taking place in Marrakech, Morocco, from October 9 -15. NBK delegation was headed by Isam Al-Sager, Vice Chairman and Group CEO, Salah Al-Fulaij, CEO of National Bank of Kuwait – Kuwait, Sulaiman Al-Marzouq, NBK-Kuwait Deputy CEO and Omar Bouhadiba, CEO, International Banking Group at NBK Group.

The delegation participated in the Annual Meetings and took part in discussing key economic and financial challenges in addition to various topics focused on investing in education, accelerating climate finance, promoting inclusive growth and responding to the food & fuel crises.

On the sidelines of the IMF Meetings, NBK’s delegation conducted numerous bilateral meetings with high-ranking international officials. These discussions focused on addressing the most significant challenges in the global banking and financial industry. Additionally, the bank took part in Kuwait Banking Association Evening Reception on October 12 that La-Mamounia Hotel. The event was attended by numerous notable figures, including Jasem Mohamed Al-Budaiwi, Secretary General of the Cooperation Council for the Arab States of the Gulf, Fahad Abdulaziz Al-Jarallah, Minister of Finance, and Kuwait’s Ambassador to Morocco Abdullatif Al-Yahya.

It also attracted a significant gathering of Kuwaiti government officials, senior bankers, investors, and influential global financial policy makers.

The event featured interactions between bankers from Kuwait and their counterparts from Arab and foreign regions, facilitating discussions on the most recent financial and banking advancements. These meetings created opportunities for knowledge exchange and the exploration of potential collaborations in the fields of finance and investment. Moreover, NBK’s delegation took part in a reception organized in Marrakech by banks from Qatar, the KSA, and the UAE.

One of the significant highlights of this year’s meetings for the official bank delegation was their participation in a symposium organized by the G30, held concurrently with the annual meetings of the IMF and the World Bank Group. Every year, central bank governors from around the world convene with industry leaders and academic experts at a symposium focused on addressing the paramount regulatory and financial challenges that dominate the forefront of global central banking discussions.

The bank’s delegation also took part in meetings organized by the Institute of International Finance (IIF), where a range of topics were discussed. These discussions covered global challenges, including tightening monetary policies, financial markets’ volatility, global geopolitical tensions, and strategies aimed at bolstering the resilience of the banking industry while fostering sustainable and broadly inclusive economic growth.

The IMF and the World Bank Group Annual Meetings brought together central bankers, ministers of finance and development, parliamentarians, private sector executives, civil society, and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, inclusive economic development, and the effectiveness of international aid. These meetings encompass a wide array of activities, including seminars, regional briefings, press conferences, and numerous other events dedicated to addressing topics related to the global economy, international development, and the global financial system.

The 2023 Annual Meetings also covered a range of key topics. These discussions revolved around the strategies for establishing economic resilience in the face of a weak global economy and heightened uncertainty. Policymakers explored ways to build a more resilient future by reinforcing social safety nets to safeguard the most vulnerable segments of society, enhancing governance and accountability, strengthening policy frameworks, and addressing the challenges posed by climate change.

The Annual Meetings feature several significant committees, with the most notable ones being the Development Committee, the International Monetary and Financial Committee (IMFC), the Group of Ten, the Group of Twenty-Four, and the Group of Thirty. The IMFC meeting, in particular, is slated to tackle a range of critical issues. These include evaluating the current state and potential future trends in the global economy’s performance, as well as examining developments in international financial markets and the types of risks that could impact these performance trends. Moreover, discussions within this committee will focus on formulating key policies aimed at mitigating the consequences of such risks. During its Annual Meetings, the International Monetary Fund conducted a comprehensive assessment of the global economic outlook. This review encompassed the insights IMF’s experts regarding trends in the global economic performance, expected risks, and the prospects of the world economy.

On the sidelines of the IMF annual meetings, Global Finance announced the annual award winners of the World Best Banks – 2023. In this prestigious list, National Bank of Kuwait received the award of the Best Bank in Kuwait-2023.

Global Finance emphasized that this year’s Best Bank Awards recognize the financial institutions that offer the broadest range of services as well as the reliability required for long-term financial relationships. Global Finance selected NBK as the best bank in Kuwait 2023 based on an objective criteria, encompassing factors such as growth in assets, profitability, geographical reach, strategic relationships, new business development, and product innovation.

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