Official data showed, on Tuesday, that foreign direct investment in Kuwait fell to 4.167 billion dinars ($13.87 billion) in the first quarter of 2021, down 3.16 percent on an annual basis, under pressure from the effects of the Corona pandemic.
The Central Bank of Kuwait said in a quarterly report that foreign direct investment in the country fell from 4.303 billion dinars ($14.32 billion) in the first quarter of 2020.
According to the report, inward foreign direct investments were distributed to 338.4 million dinars ($1.12 billion) in Kuwaiti banks, and 3.792 billion dinars ($12.62 billion) in other sectors, including investment.
The report also indicated a decline in Kuwait’s foreign direct investment abroad, to 9.886 billion dinars (32.9 billion dollars) in the first quarter of this year, compared to 10.543 billion dinars (35.1 billion dollars) in the same period.
The report stated that Kuwait’s total external debt rose by 8.6 percent in the first quarter to 19.55 billion dinars ($65.1 billion), from 17.9 billion dinars ($59.9 billion) in the corresponding period last year.
Debt includes external debt stocks of both the general government and the private sector of the oil-rich country.
Kuwait is a major member of the Organization of the Petroleum Exporting Countries (OPEC), and its oil industry accounts for more than 50 percent of GDP, 95 percent of exports, and 80 percent of government revenues.