Mubasher: Kuwait Business Town Real Estate (KBT) on Thursday announced the signing of $36.2 banking facilities with a local lender.

The five-year loan could be renewed at a value of $24.2 million, according to the company’s statement to Boursa Kuwait.

The loan’s interest is 3% and will be paid in semi-annual installments, the Kuwait-based firm noted.

The loan will be injected in investments outside Kuwait, according to the statement.

Meanwhile, the second part of the banking facilities included one-year $12 million overdraft facility with an interest rate of 3%.

KBT had previously posted a rise of 0.13% in its profits to KWD 3.161 million for the full-year 2017, compared to KWD 3.157 million a year earlier.