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Tue 29 Sep 2009 11:33 PM

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Kuwait Energy secures $50m loan agreement

Facility to be used to accelerate development of oil and gas assets in Egypt, Yemen.

Kuwait Energy Company said on Tuesday it has secured a $50 million Islamic loan from World Bank member, the International Finance Corporation (IFC).In a statement Kuwait Energy's CEO, Ms. Sara Akbar, said the loan will be used to accelerate the development of the company’s oil and gas assets in Egypt and Yemen, KUNA reported.

The package consists of a $35 million reserve facility and a $15 million income participation facility.

IFC's Global Head for Oil and Gas, Lance Crist said: "This transaction provides a unique opportunity for IFC to support local private oil and gas companies in the Middle East and North Africa that are expanding regionally and providing jobs and revenues to governments."

The independent oil and gas explorer was established in 2005.

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