Viva signs $270m multi-currency financing agreement
The financing is for a period of five years
Dubai: Kuwait Telecommunications Co, better known as Viva, has signed a $270 million multi-currency financing agreement with National Bank of Kuwait Group, according to a statement from the Kuwaiti bank.
The financing, which is for a period of five years, includes a $70 million Islamic facility with Boubyan Bank, part of NBK Group, the emailed statement said. The loans will be used to upgrade Viva’s network and expand the company’s operations in Kuwait, the statement added.
“This strategic partnership will help Viva to further expand and develop its operations by allowing additional investment in its network, services and people and most importantly, diversify the funding sources for its operations and expansions, while preserving its financial strength,” Salman Al Badran, chief executive of Viva, said in the emailed statement.
