Kuwait says committed to foreign assets despite crisis

KUWAIT, Oct 20 (Reuters) - Kuwait remains committed to its foreign investments held by the Gulf Arab state's sovereign wealth fund despite some losses due to the global financial crisis, its finance minister told the state news agency.

The major OPEC producer was a long-term investor with its holdings abroad, Mustafa al-Shamali told KUNA after a weekly cabinet meeting on Monday.

He said Kuwait's investments abroad had not been affected strongly by the financial crisis. "Kuwait's investments are of long-term nature, therefore the impact of the crisis is smaller," Shamali added.

"The impact on bonds is small but for shares we're a stable and steady long-term investor," he added.

The Kuwait Investment Authority, which manages the Gulf Arab state's oil-generated wealth, has come under criticism in parliament for buying into U.S. banks Citigroup (C.N) and Merrill Lynch MER.N in January before their shares fell. (Reporting by Ulf Laessing; Editing by Theodore d'Afflisio)