Kuwait – Mubasher: Alargan International Real Estate has signed a credit facility agreement with a local bank to develop a project owned by the company.
The loan is worth KWD 3 million which will be repaid through six installments on an annual basis, starting from 31 December, 2018 and until 31 December, 2023, according to a bourse statement issued on Sunday.
Alargan said that the credit facility will have an interest of 2.625% above the discount rate announced by the Central Bank of Kuwait (CBK).
The impact from this loan will be registered in the consolidated financial statements throughout the period of the loan.
