Kuwait Finance and Investment Company K.S.C. (Public)
Climate Impact & Sustainability Data (2020)
Reporting Period: 2020
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- The Kuwaiti economy was negatively affected during the year 2020, as it experienced its largest contraction since 2009 as a result of the repercussions of COVID-19 pandemic, in addition to the decrease in oil revenues resulting from the drop in oil prices and the participation of the State of Kuwait in OPEC production cuts.
Mitigation Strategies
- KFIC was able to obtain the approval of the creditor banks to renew credit facilities by KD 7.6 Million for a period of 5 years ends at the end of the year 2025 with the reduction of the interest rate by 1%. Also KFIC was able to obtain a new credit facility amounted to KD 1.5 Million.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: IFRSs
Third-party Assurance: EY Al-Aiban, Al-Osaimi & Partners