Mubasher: National Investments Company (NIC) signed a loan agreement worth KWD 6.5 million ($21.5 million) with a local bank.

The five-year loan will be used to refinance current loans, the company said in a statement to Boursa Kuwait on Sunday.

The deal will result in a slight drop in the company’s financing costs, the statement showed. 

In mid-December 2019, NIC entered into a five-year loan agreement valued at KWD 13 million with a local bank.

It is noteworthy that during the first nine months of 2019, the Kuwaiti firm logged a net profit of KWD 9.25 million, rising by 10% year-on-year from KWD 8.41 million.