An Amiri decree has been issued authorizing the Kuwait Credit Bank to issue bonds for the benefit of the Kuwait Fund for Arab Economic Development, with a value of 500 million dinars.
The decree, published in the Official Gazette (Kuwait Al-Youm) in its issue today (Sunday), stipulates that the bank would issue 20 bonds for the benefit of the fund, within a period of five years, provided that the value of each bond is 25 million dinars, and the financing period would be 5 years starting from the date of issuance of the bonds, reports a local Arabic daily.
The term of the bond is determined for a period of twenty years starting from the date of recording the value of the bond in the bank’s accounts until the date specified for the maturity of its value.
The decree stated: An interest rate of 2% per annum shall be calculated on the value of each bond, starting from the date the bond value was entered into the bank’s accounts, and it shall be paid annually to the interest of the Fund, and the two parties sign an agreement to purchase these bonds in accordance with the conditions set forth in this decree.
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