Kuwait-Mubasher: Ahli United Bank – Kuwait has signed on 28 April an agreement to partly finance the KWD 3.4 billion ($11.3 billion) Clean Fuel Project owned by Kuwait National Petroleum Company (KNPC), according to a statement issued Tuesday.

The deal marks AUB Kuwait allocating KWD 50 million ($166.22 million) of the overall KWD 490 million ($1.62 billion) funding pledged by the project’s Islamic financiers (banks participating in the funding process).

AUB Kuwait (AlMutahed) said that the finance facility will be extended over (period stands at) 10 years, in a move aiming at diversifying the bank’s financing portfolio.

On the Kuwaiti exchange, the stock started Tuesday’s session with a fall of 1.19% to 415 fils, after 9,000 shares were traded at KWD 3,740.