Font Size

- Aa +

Thu 17 Mar 2016 01:43 PM

Font Size

- Aa +

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

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.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.