Mubasher: Kuwait Finance and Investment (KFIC) has signed a KWD 1.5 million term loan facility agreement with a Kuwaiti bank to finance the company’s expansion activities.

The loan carries a maturity period of three years and will be repaid over quarterly instalments with an annual interest rate of 2% higher than the discount rate announced by the Central Bank of Kuwait (CBK), according to a bourse statement on Thursday.

Moreover, the loan is likely to be fully utilized during the first quarter (Q1) of this year, the statement noted.

The transaction has no material impact on KFIC’s profitability in the present time; however, it will contribute to higher assets and liabilities by KWD 1.5 million.