Kuwait City: Kuwait's government will guarantee half of as much as 4 billion dinars (Dh50.2 billion) in new loans provided by local banks this year and the next, as part of a plan to protect its economy from the global financial crisis.
"The state will guarantee new credit obtained by clients of Kuwaiti banks from all sectors of the local economy," central bank governor Shaikh Salem Abdul Aziz Al Sabah said.
"This credit must be used locally and with a maximum limit of 4 billion dinars for 2009 and 2010, provided that the guarantee should not exceed 50 per cent of credit."
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