Mubasher: The National Bank of Kuwait (NBK) and the Kuwait Finance House (KFH) have jointly managed and issued a KWD 350 million ($1.2 billion) financing to the Kuwait Petroleum Corporation (KPC).

The two banks were chosen by KPC to manage renewable five-year financing facilities.

The facilities are provided through two tranches, a conventional KWD 210 million loan, and a KWD 140 million murabaha financing.

Burgan Bank, Gulf Bank, Al Ahli Bank, and the Commercial Bank of Kuwait (CBK) provided the conventional tranche, while the murabaha tranche was provided by Boubyan Bank, Warba Bank, and Kuwait International Bank (KIB).

The deal is set to help KPC achieve the goals of its 2040 strategy.