Daewoo E&C signs credit facility with ABK, CBK and Burgan Bank

KUWAIT CITY, Oct 21: Daewoo Engineering & Construction (E&C) announced on Sunday the signing of a milestone credit facility with Al Ahli Bank of Kuwait (ABK), Commercial Bank of Kuwait (CBK) and Burgan Bank for an amount of $180 million with equal participation by the banks.

The facility has been arranged through a syndicate structure with ABK and CBK acting as Joint Mandated Lead Arrangers and Book Runners. Burgan Bank has joined as an original lender and CBK is the Facility Agent.

Daewoo E&C is a globally recognized construction company and is considered one of the largest contracting companies internationally. Headquartered in Seoul South Korea, the company’s portfolio boasts of construction of civil projects, railways, harbors, reclamation projects, environmental projects, and leisure facilities. The company is currently working on mega-projects in Kuwait, including Al Zour New Refinery and Clean Fuel Projects.

Furthermore, Daewoo E&C is one of the major contractors for Duqm Refinery in Al Duqm, Oman.

(Left to right) Mrs Elham Mahfouz, CEO – Commercial Bank, Dinshaw Bhandari, AGM Corporate Banking – Burgan Bank, Michel Accad, Group CEO – ABK, Sheikh Ahmad Duaij Jaber Al-Sabah, Chairman – Commercial Bank,

Inhwan Cho, Executive Vice-President & Head of Finance – Daewoo E&C.