National Bank of Kuwait (NBK),the leading bank in Kuwait and the highest rated in the Middle East, recently played a catalytic role in successfully arranging a syndicated facility for the financing of Al Sabiya US$ 2.65 billion worth power generating plant project in coordination with other local commercial banks.
Commenting on the occasion, NBK Deputy CEO, Sheikha Khalid Al Bahar said that it was greatly gratifying for NBK to play a leading role in providing the necessary banking facilities for the major infrastructure project of Al Sabiya power generating plant which will hopefully further enhance the power generating capacity required to address the rapidly growing demand for electricity in Kuwait. She added that NBK was, as usual, capable of organizing and issuing the required project related guarantees in time for the scheduled signing of the project contract.
It is worth mentioning that the Ministry of Electricity and Water had signed a contract for Engineering, procurement, construction, operation and maintenance of Combined Cycle Gas Turbine Power Plant at Sabiya with a consortium of General Electric International Ltd., from US and Hyundai Heavy Industries Ltd., from Korea on 13th September, 2009. The Contract value is estimated to be US$ 2.65 Billion.