Kuwait – Mubasher: Warba Bank said it will take part in a joint financing deal for Kuwait National Petroleum Company (KNPC).

Warba’s share of the deal is worth KWD 25 million ($83.04 million), the bank said in a filing to the Kuwait Stock Exchange (KSE) on Sunday, adding that the loan will be used to execute an eco-friendly project.

The deal signed on Thursday, 28 April, is part of a larger loan deal with several Islamic banks, Warba noted.

It indicated that it will provide the KWD 25 million loan to KNPC over an 18-month period, whereas the petroleum firm will have a 3-year grace period followed by a 10-year period to repay the full loan to the banks.

Warba recently reported a profit of KWD 328,000 ($1.089 million) in Q1-16, a 326% surge from KWD 77,000 ($255,763) achieved in the same period last year.

The bank’s stock stablised at 176 fils early Sunday on the KSE, after 184,700 shares were traded at a turnover of KWD 32,500.