Kuwait's NBK plans to sell part of $1.99bn loan

Part of Kuwait’s economic development plan, loan will contribute to project to upgrade, expand two refineries
Kuwait's NBK plans to sell part of $1.99bn loan
By Reuters
Thu 17 Mar 2016 01:43 PM

National Bank of Kuwait (NBK) plans to sell down part of the 600 million dinars ($1.99 billion) it is contributing to Kuwait National Petroleum Company's Clean Fuels Project loan to other banks, it said in a statement on Thursday.

NBK and Kuwait Finance House are leading the arranging of the first tranche of the funding, which includes a 10-year, 900-million-dinar loan.

The sale of NBK's part of the loan, known as syndicating, will happen at a later date, the bank said without elaborating.

Part of the country's 30-billion-dinar economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing higher-value products such as diesel and kerosene for export.

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