A consortium of Gulf financial institutions recently approved a 114.25 million Kuwaiti dinar ($377 million) loan for Kuwait’s Sulaibiya Waste Water Treatment Project. The 25-year loan will carry an interest rate of two percent above Kuwait’s interbank offered rate (Kibor).
The entities involved in the facility are the Utilities Development Company (UDC), National Bank of Kuwait (NBK), Gulf Bank (Gulf) and The Bank of Kuwait and the Middle East (BKME). NBK will act as the loan’s agent bank, account bank and security bank.
The Sulaibiya Project is designed to accommodate Kuwait's growing need for environmentally sound treatment and reclamation of wastewater. The new plant will have flexibility to meet increasing volumes which result from expansion of population and increasing per capita water usage in Kuwait.
The government of Kuwait, through the Ministry of Public Works, opened the project to competitive tender, harnessing private sector management skills supported by Kuwait's leading banks to drive this milestone development. Sulaibiya will be the first major public utility investment in Kuwait to utilize the approach known as Build, Operate, Transfer (BOT), a partnership of public and private sectors. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
