Dubai: Kuwait’s Burgan Bank on Monday said its contribution towards state-owned refiner Kuwait National Petroleum Co’s $1.2 billion loan to finance its clean fuels project was 70 million dinars ($232.8 million).
The financing will boost the profitability of the bank in the long term and diversify the bank’s loan portfolio, Burgan said in a bourse statement.
The tranche, provided by local banks and lasting for 10 years, worth 1.2 billion dinars ($3.98 billion) was signed on April 28.
National Bank of Kuwait (NBK) and Kuwait Finance House made the largest contribution towards the loan, Reuters previously reported.
NBK’s share of the first tranche was worth 400 million dinars and Kuwait Finance House’s portion was 275 million dinars, NBK’s chief executive Isam Al Sager said at the ceremony on April 28.