NBK to finance Al Amiri Hospital Expansion Project

Press release

Published May 22nd, 2013 - 04:50 GMT

Al Bawaba

National Bank of Kuwait (NBK) has signed a financing agreement with a Joint Venture led by Associated Construction Co (ASCO) to finance Al Amiri Hospital Expansion project. The KD 98 million-project is part of Kuwait’s Ministry of Health’s plan to develop the healthcare sector in Kuwait.

The project had been awarded to ASCO who leads a Joint Venture comprising Impresa Pizzarotti and Al Essa Medical Equipment.

“NBK is the leading bank in Kuwait when it comes to project finance”, said Shaikha Al Bahar, NBK Kuwait Chief Executive Officer, following the signing ceremony of the financing agreement at NBK’s headquarters yesterday (Tuesday, 21 May, 2013) in the presence of George Nasr, ASCO Partner and General Manager and representatives of the participating companies and NBK officials.

Al Bahar added: “throughout its history, NBK has always been a strategic partner in financing vital projects in Kuwait. NBK’s role in this project is yet again testament to NBK’s professionalism and credibility in the market place.”

Al Bahar stressed that “The Al Amiri Hospital Expansion Project reflects the determination to accelerate the implementation of mega projects. This is critical for boosting economic activity and spurring growth. We hope to see additional development projects being executed in the future allowing the private sector to be involved in a larger scale in developing Kuwait.”

The Al Amiri Hospital Expansion project comprises the construction, maintenance and provision of medical equipment for a new tower at the hospital doubling the existing capacity by adding additional 460 beds and a multi-storey parking block.

Background Information

National Bank of Kuwait

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