KIB lead arranger of $200mn financing for Daewoo E&C
Bank committed to developing, expanding its financing efforts
KUWAIT CITY, Feb 13: Kuwait International Bank (KIB) continues to be committed to developing and expanding its financing efforts on a local, regional and international level. Accordingly, the Bank has just participated, as a lead arranger, in the Islamic tranche of a $ 200 million 2-year syndicated facility for Daewoo Engineering & Construction (Daewoo E&C), along with a consortium of international and regional banks. This facility aims to support Daewoo E&C’s current projects in Kuwait and the GCC region.
The signing ceremony took place recently in Dubai and was attended by the senior management of Daewoo E&C.
Commenting on the successful closure of this transaction, Mohamed Khadiri, Deputy General Manager of Wholesale Banking and Head of International Banking, said: “KIB’s participation in this syndicated facility comes as part of the Bank’s strategic vision to provide Islamic financing solutions to key customers that are participating in major development projects in Kuwait and the region.”
Khadiri added: “This deal adds to KIB’s impressive roster of achievements and strong track record in providing leading products and services across Sharia compliant financing and corporate financial advisory. We will continue our efforts to pursue the Bank’s strategic objectives in order to strengthen and confirm our position as a leading banking platform among local and regional banks in fulfilling the needs and requirements of our customers.”
Established in 1973, Daewoo E&C is a well-recognized construction company and is considered one of the largest contracting companies internationally. Headquartered in Seoul, South Korea, the Company’s portfolio includes construction of civil projects, railways, harbors, reclamation projects, environmental projects, and leisure facilities. The Company is currently working on megaprojects in Kuwait, including Al Zour New Refinery and Clean Fuels Project. Additionally, Daewoo E&C is one of the major contractors for Duqm Refinery in Oman.