Kuwait International Bank (KIB) has participated as a lead arranger in an Islamic tranche valued at $200 million as a two-year syndicated facility for Daewoo Engineering & Construction (Daewoo E&C).

This financing comes as part of a consortium of international and regional banks to boost Daewoo E&C’s current projects in Kuwait and the GCC region, according to a recent press release.

“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,” Mohamed Khadiri, deputy general manager of wholesale banking and head of international banking, commented.

On 12 February, Daewoo E&C announced the signing of a $200 million dual-tranche (conventional and Islamic) syndicate term facility.

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.

-Mubasher