Kuwait City, Mar 16: Al Ahli Bank of Kuwait (ABK), Commercial Bank of Kuwait (Al-Tijari) and Burgan Bank today announced the signing of a milestone credit facility with Daewoo Engineering & Construction (E&C) for US$ 250 million with a tenor of three years.

The facility has been arranged through a syndicate structure with ABK and Al-Tijari acting as Joint Mandated Lead Arrangers and Book Runners for the syndicated credit facility. In addition, Burgan Bank has joined the deal as an original lender. Furthermore, Al-Tijari would be acting as the Facility Agent.

The credit facility is to be used for Daewoo E&C’s general corporate purposes and for working capital requirements of its regional projects.

A signing ceremony was held attended by Abdulla Al Sumait, Acting Group Chief Executive Officer at ABK; Loai Muqames, CEO-Kuwait at ABK; Yasmine Salamah, General Manager of Multinational Corporates and Structured Finance at ABK; Elham Mahfouz, Chief Executive Officer at Al-Tijari; Kunal Singh, General Manager of International Banking at Al-Tijari; Fadel M. Abdulla, Chief Executive Officer - Kuwait at Burgan Bank; Yong Hee Lee, Head of Finance Division, Executive Vice President at Daewoo E&C; Seung Keun Bae, Head of Finance Team, General Manager at Daewoo E&C; and Seungjin Oh, Head of Corporate and Contracting Finance Units, Deputy General Manager at Daewoo E&C.

Ms. Yasmine Salamah, General Manager of Multinational Corporates and Structured Finance at ABK, said “We are delighted to announce the successful closure of our transaction, partnering with Daewoo the renowned and leading South Korean conglomerate. At the core of this transaction lies our steadfast commitment to collaboration and excellence. It exemplifies ABK’s unwavering dedication to our client’s success, reinforcing our position as trusted partners in their financial journey. Our partnerships whether with multinational corporations or local enterprises are of the utmost importance to us. They highlight our belief in fostering strong mutually beneficial relationships that drive property and growth for all”.

Mr. Kunal Singh, General Manager – International Banking Division at Al-Tijari commented, “The joint cooperation of local Kuwaiti banks in this syndication highlights the appetite of the local banks in continuing to support foreign participants in the Kuwaiti and regional project market. Al-Tijari has been one of the most active banks in leading syndications for clients based in Asia, the Middle East and other regions. Al-Tijari has a strong and very long relationship with Daewoo Engineering & Construction across various business activities related to loans, bonds, treasury activities, etc. We are pleased to be here for yet another ceremony concluding another successful milestone”.

Mr. Mohammad Najeeb Al-Zanki, General Manger – Corporate Banking at Burgan Bank, said, “Our participation in this syndicated facility for a renowned client, such as Daewoo E&C, endorses our commitment towards supporting multinational enterprises. It also illustrates the robust nature of our financing base and the strength of our capabilities. Looking ahead, we seek to continue building on the momentum to further expand our growing portfolio, solidify our global partnerships, and diversify our facilities and solutions for our local and international clients.”

Mr. Yong Hee Lee, Head of Finance Division of Daewoo E&C, stated, “Kuwait has long been a cornerstone of Daewoo's financing portfolio, and we are delighted to solidify this significant transaction with our esteemed partners in Kuwait. We are deeply grateful for the unwavering confidence our partners have shown in Daewoo, underscoring our company's robust global operations. We remain steadfast in our commitment to further strengthening our strategic partnership”.