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Tue 4 Jan 2011 04:09 PM

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Kuwait's KIB inks deal with Aref on $35m debt

Kuwait International Bank joins other lenders who already agreed to restructure Aref Investment debt

Kuwait's KIB inks deal with Aref on $35m debt
KUWAITI DINAR: Kuwait International joins other lenders who already agreed to restructure Aref Investment debt (Getty Images)

Kuwait International Bank reached an agreement with Aref Investment Group to restructure $35m of Aref Investment’s debt, Al-Anba reported, citing a statement from the bank.

Kuwait International joins other lenders who already agreed to restructure Aref Investment debt, the newspaper said.

Aref Investment signed a five-year agreement with creditors to restructure about KD280m ($996m) of debt, giving the Kuwaiti investment company an 18-month grace period, Kuwait Finance House said in November. Kuwait Finance, the country’s largest Islamic bank, is leading the plan.

Burgan Bank, Al Ahli Bank of Kuwait and Kuwait International Bank are among the lenders that have agreed to the plan, Kuwait Finance said.

 

 

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