Press Release
VIS Upgrades Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited
Karachi, December 22, 2025: VIS Credit Rating Company Limited (VIS) has upgraded Corporate Governance Rating of Pakistan Kuwait Investment Company (Private) Limited (‘PKIC’ or the ‘DFI’) from ‘CGR-9+’ to ‘CGR9++.’ The rating indicates a very high level of corporate governance. The previous rating action was announced on December 13, 2024.
Pakistan Kuwait Investment Company (Private) Limited (‘PKIC’ or the ‘DFI’) is a bilateral development finance institution established in 1979 as a joint venture between the Governments of Pakistan and State of Kuwait. The DFI is equally owned by the State Bank of Pakistan and the Kuwait Investment Authority, providing strong sovereign-backed sponsorship and institutional credibility. PKIC’s mandate is to support Pakistan’s economic development by financing economically viable and technically feasible projects. The DFI undertakes investment and development banking activities, with exposure to both debt and equity investments across key industrial and priority sectors. Its long operational history, clear developmental role, and strong sponsor support underpin its importance within Pakistan’s financial system.
The corporate governance rating reflects PKIC’s well-established and consistently applied governance framework, supported by strong ownership, an experienced and diverse Board, and effective oversight mechanisms. The Board continues to benefit from professional expertise drawn from sovereign and institutional backgrounds. Board committees remain active and well-documented, while regular self-evaluations and external assessments underscore a commitment to continuous improvement. At the management level, clearly defined reporting lines, stable senior leadership, and functional independence of risk management and internal audit support sound decision-making and accountability. The risk governance structure is comprehensive, aligned with regulatory requirements, reinforced through updated policies, structured controls, and regular testing of business continuity arrangements. Adoption of recognized internal control frameworks and transparent reporting of risk-related decisions to the Board further enhance governance discipline. The upgrade in the rating is supported by improvement in IT infrastructure and the DFI’s Shariah governance framework which has evolved in line with the expansion of Islamic operations, supported by dedicated resources, active Board-level oversight, and effective coordination with management committees. Recent investment in technology and systems have strengthened operational resilience and control effectiveness. Disclosure practices remain satisfactory, with timely communication to regulators, shareholders, and other stakeholders.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporate Governance Rating
https://docs.vis.com.pk/Methodologies-2025/Corporate-Governance-Apr-25.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf