The National Bank of Kuwait (NBK) will provide the Kuwait Styrene Company (TKSC) with banking facilities worth USD 280 million (about KD 92.7 million) under a financing agreement signed Tuesday.
The NBK is reiterating its leading and development role supporting major national companies, CEO Salah Al Fulaij said in a press release.
He stressed keenness on backing operative national firms offering them consultative and banking services for stimulating the national economy.
The NBK will be the lead arranger of a syndicated loan that will be used for the company's general business purposes.
For his part, CEO of the TKSC Adel Al-Munifi voiced pride of the partnership with the NBK that will arrange one of biggest loans for a petrochemical company, demonstrating the firm's strong financial status.
The loan will be used to boost activities likely to consolidate its competitiveness, Al-Munifi added, pointing to the NBK's key role in support of the Kuwaiti private sector. TKSC was established in 2004 as a joint venture between Kuwait Aromatics Co and Dow Chemical Co.