Limak wins $831mn funding for Kuwait airport work.

On completion, the capacity of the airport will grow three-fold to 25 million passengers a year. The terminal is being designed to handle 25 million passengers per year and accommodate all aircraft types through 51 gates and stands.

As per the deal, NBK is the mandated lead arranger, intercreditor agent, security agent and account bank, and KFH is the mandated lead arranger and commodity murabahah investment agent.

The duo will be jointly financing KWD124.6mn each to facilitate construction works on KIA New Passenger Terminal II, said Limak Holding chairman Nihat Özdemir said after signing the agreement with NBK Chairman Nasser Musaed Al Sayer and KFH Chairman Hamad Al Marzouk.

Al Sayer said the NBK’s vital role in the financial deal as lead arranger reflects its strong commitment to be the partner of choice for the world’s leading and renowned contractors, executing Kuwait’s multi-billion dollar projects.
“Our journey with Limak actually started in 2016 when we partnered with KFH to issue a Performance Bond on behalf of the company for the much-awaited New Passenger Terminal. Since then, we have been providing the day-to-day banking support to Limak and are delighted to conclude and sign today Limak’s needs for additional banking facilities including bank guarantees, letters of credit and working capital, to the tune of KWD249.2mn.”

Al Marzouq said: “Under this agreement, we will contribute to the extension of credit lines for the KIA Terminal II project to Limak who have significant experience in establishing international airports. The transaction builds on KFH’s growing track-record of financing mega-projects with advanced Sharia’ah-compliant finance solutions spanning four decades.”

 

 

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