Kuwait – Mubasher: The National Bank of Kuwait (NBK) said that its arm in Egypt, NBK Egypt, has signed a $300 million credit facility agreement with the Arab Petroleum Pipelines Company (SUMED), according to Boursa Kuwait’s statement on Sunday.

This loan will be earmarked for completing the first phase of expanding SUMED’s projects in Ain Sokhna, Egypt.

This agreement will boost NBK’s pioneer position in the Egyptian market as a fundamental partner to help develop Egypt’s economy, the statement added.

NBK noted that this loan deal will raise the loan portfolio and have a positive impact on its profitability.

At the stock level, NBK started Sunday’s trading session 1.16% or 5 fils lower to reach 682 fils by 9:10 am Kuwait time.