By: Mohamed Farouk

Kuwait-Mubasher: Six Kuwaiti banks have earmarked KWD 415 million ($1.37 billion) to the funding process for Kuwait National Petroleum Company (KNPC) to execute Clean Fuel Project.

Warba Bank has inked a finance contract worth KWD 25 million ($83.11 million), Kuwait International Bank pledged KWD 50 million ($166.21 million), and Burgan Bank allocated KWD 70 million ($232.70 million).

Moreover, Commercial Bank of Kuwait participated in the funding process by KWD 80 million ($265.94 million), Boubyan Bank provided a finance worth KWD 90 million ($299.19 million), and Gulf Bank of Kuwait allotted KWD 100 million ($332.43 million) in the project.

KNPC has signed KWD 1.2 billion ($3.99 billion) agreement to finance Tier 1 of the project which has an overall cost standing at KWD 3.4 billion ($11.3 billion).