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Two Kuwaiti banks clinch KD 249.2 mln credit deal with Turkey's Limak

National Bank of Kuwait (NBK) Chairman Nasser Al-Sayer and Kuwait Finance House (KFH) chief Hamad Al-Marzouq during the signing ceremony
National Bank of Kuwait (NBK) Chairman Nasser Al-Sayer and Kuwait Finance House (KFH) chief Hamad Al-Marzouq during the signing ceremony
KUWAIT, Feb 21 (KUNA) -- Turkish conglomerate Limak Holding has signed a syndicated credit agreement, worth KD 249.2 million, with a pair of leading local banks to partly finance the construction of a new terminal at Kuwait International Airport.
The deal was sealed Wednesday as the Chairman of Limak Holding Nihat Ozdemir, National Bank of Kuwait (NBK) Chairman Nasser Al-Sayer and Kuwait Finance House (KFH) chief Hamad Al-Marzouq put their names on the dotted line in a ceremony attended by Turkey's ambassador to Kuwait Aisha Hilal.
U nder the agreement, NBK would be the mandated lead arranger, intercreditor agent, security agent and account bank, while KHF is the mandated lead arranger and commodity "murabahah" investment agent, Ozdemir revealed.
Meanwhile, the two banks will provide sums of KD 124.6 million (USD 411.2 million) each to facilitate construction work on a terminal expected to handle 25 million passengers per year and accommodate all aircraft types through 51 gates and stands, he noted.
Meanwhile, Al-Sayer pointed out that NBK's "journey with Limak actually started in 2016 through a partnership with KFH to issue a Performance Bond on behalf of the company for the much-awaited terminal." "Since then, we've been providing the day-to-day banking support to Limak and are delighted to conclude and sign today Limak's needs for additional banking facilities including Bank Guarantees, Letters of Credit and Working Capital, to the tune of KD 249.2 million," he added.
Al-Marzouq touted the new terminal as among the most significant development projects in the history of the country, saying the deal is a testament to KHF's contributions towards economic stability.
Since its inception in 1976, Limak has pursued activities in construction, tourism, infrastructure and energy investments, among others. (end) fnk.ht.nam