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Monday , November 29 2021

Kuwait sidelines Chinese financing

KUWAIT CITY, Oct 13: A few weeks after the Chinese Development Bank (CDB) offered to finance the construction of the infrastructure for the Shaqaya Economic City by offering to lend Kuwait 5 billion dinars over 19 years, at an interest rate of approximately 5.5 percent, the government committee concerned with implementing the project is said to have rejected the offer of foreign funding, and instead put on the table the build operate- transfer (BOT) option. The sources indicated that the Kuwaiti side has sidelined idea of Chinese financing for more than one reason, perhaps the most prominent of which is the interest rate.

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