KIA sets $3.5b for bonds

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KUWAIT CITY, Dec 19: Kuwait Investment Authority (KIA) is ready to pay $3.5 billion in March 2022 — the first tranche of international bonds issued by Kuwait in 2017 with a term of five years and interest rate of 2.75 percent, reports Al-Rai daily quoting sources from the government.

In accordance with the policy that KIA is implementing now, the cash needed to cover the abovementioned amount will be deposited in its local and foreign bank accounts on the specified date, sources affirmed. Sources said this cash liquidity will be through investments and contributions generated globally like the interests of bank deposits or bonds and sukuk, in addition to foreign real estate and others. Sources clarified that in case of the need to exit from any of the affiliated strategic investments, it will not touch the international bond repayment program. Sources added this move will within the framework of managing liquidity and assets that represent the components of the authority’s external investment portfolios.

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