Commercial Facilities Company (CFC) sealed an agreement with National bank of Kuwait (NBK) to obtain a medium term loan amounting to KWD 40 million ($132.13 million), a bourse statement said on Thursday.

The Kuwaiti listed firm will direct the loan towards financing its business operations and will repay the bank through quarterly installments over four years.

CFC, which is specialized in financing consumer and commercial products, reported net profits of KWD 1.6 million for the first quarter of 2015, compared with KWD 3.8 million for the same period of the previous year.