Leveraging PAPSS Expansion to Diversify Kuwait's Economy and Enhance Cross-Border Trade

Executive Liquidity Summary "This directive outlines a strategic approach for Kuwait to capitalize on the expansion of PAPSS in Africa as a catalyst for economic diversification. It recommends that Kuwait's financial authorities and trade promotion agencies undertake a feasibility study to join PAPSS or create interoperable payment rails with African counterparts. The directive highlights the synergy with Kuwait's 2025 vision, which prioritizes digital infrastructure and PPP projects. Key actions include: (1) conducting a regulatory gap analysis to align with PAPSS standards; (2) establishing a cross-border payment task force with central bank and commercial bank representation; (3) launching a pilot program for Kuwaiti SMEs to trade with selected African countries using PAPSS; (4) promoting PPPs to develop fintech solutions that leverage PAPSS; and (5) setting measurable targets for increasing non-oil exports to Africa by 10% within three years. This initiative is expected to bolster Kuwait's position as a financial hub in the Gulf, foster economic ties with Africa, and support long-term sustainable growth."