KUWAIT CITY, April 29: Chief Executive Officer of Kuwait Finance House Mazen Al-Nahidh disclosed that conventional banks will contribute KD800 million for the implementation of phase one of the environmental fuel project, while the Islamic banks will grant KD400 million such that the total funding amount will be KD1.2 billion, reports Al-Nahar daily. Al-Nahidh explained the share of each bank in the funding is based on a certain criteria, so it differs from one bank to the other.
He affirmed the Central Bank of Kuwait approved the formula for determining the share of each bank. He revealed the Islamic banks involved in the project are Ahli United Bank, Boubyan Bank and Kuwait International Bank. He added the total cost of the project is KD4.6 billion confirming that Kuwait Finance House and National Bank of Kuwait have announced their readiness to lead the conglomerate counterpart of contributions for funding phase one of the project. He clarified the amount rose to KD1.2 billion with the additional KD300 million, due to interest shown by many local banks. He concluded that phase two of the project might be floated in US dollars to include international banks upon completion of credit procedures.
Meanwhile, Board Chairman of Sulaibiya Cooperative Society Abulrahman Al-Otaibi said he submitted reasons behind his resignation to the investigative panel after realizing that the Ministry of Social Affairs and Labor is not serious in implementing reforms during his term, reports Al-Anba daily.