Kuwait’s lenders sign $831 mln loan for Turkish firm over airport project

KUWAIT-Reuters

National Bank of Kuwait and Kuwait Finance House on Feb. 21 signed a 249.2 million dinars ($831.3 million) syndicated loan facility for Turkey’s business group Limak for the building of a new terminal at Kuwait airport.

Limak Construction and its partner Kharafi National are building the new terminal at the Kuwait International Airport at a cost of $4.34 billion, which will triple the capacity of the airport to 25 million passengers a year.

Limak and its Kuwaiti partner laid the foundation stone for the airport terminal project - the largest tender won abroad in a single package by Turkish contractors – with a ceremony in the Gulf country on May 9, 2017.

The expansion of the Kuwait International Airport will triple its capacity to 25 million passengers a year and is the largest contract to date for a Turkish company in the Gulf state.

The project is part of an $8.2 billion strategic development plan for the Kuwaiti airport.