Sustainable Fitch: SPO Provided for Commercial Bank of Kuwait’s Sustainable Finance Framework

Sustainable Fitch-London/Barcelona-30 September 2026: Sustainable Fitch has provided its Second-Party Opinion on the sustainable finance framework of Commercial Bank of Kuwait K.P.S.C. (CBK). We consider the framework to be aligned with the ICMA Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines, and the LMA, LSTA and APLMA Green Loan Principles and Social Loan Principles; our Second-Party Opinion is that the framework's alignment with these principles is ‘Excellent’.

CBK is one of Kuwait's longest-established commercial banks; it provides retail, corporate, international, and treasury and investment banking services through a network of 42 branches. It is publicly listed on the Kuwait Stock Exchange, and it reported total assets of around KWD5.4 billion (USD17.5 billion) at end-2025. Its sustainability agenda is based on the Kuwait Vision 2035 and Central Bank of Kuwait’s regulatory guidance.

The framework covers the four core pillars of the ICMA principles. The 10 use of proceeds (UoP) categories defined in the framework include five green categories, such as green buildings and renewable energy, as well as five social categories, including access to essential healthcare and education services, and affordable housing. We consider them to be aligned with the ICMA’s recommended UoP categories.

The framework clearly defines both the project evaluation and selection processes and the reporting commitments, and provides satisfactory information on the management of proceeds.

The financed projects also support Kuwait’s sustainability agenda; we expect these projects to contribute to the country’s sustainable development and to environmental improvement by supporting climate change mitigation.

The framework refers to criteria that align with science-based taxonomies, such as the substantial contribution criteria set out in the EU taxonomy where relevant, which indicates significant contribution to climate change mitigation. The green and social UoP categories support the achievement of 10 of the UN Sustainable Development Goals.

GENERAL INFORMATION ABOUT SUSTAINABLE FITCH RATINGS AND OTHER PRODUCTS

Sustainable Fitch Ratings offer a global solution to assess Environmental, Social and Governance performance of all asset classes at an entity, framework and instrument level, helping the financial community make better, informed decisions. It has developed a modular analysis framework, enabling it to provide a Second-Party Opinion (SPO) and a monitored suite of Sustainable Fitch Ratings including Entity Rating, Framework Rating and Instrument Rating.