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Four Kuwaiti Banks May Fund Power Plant Construction, Watan Says

National Bank of Kuwait SAK, Al Ahli Bank of Kuwait KSC, Commercial Bank of Kuwait SAK and Gulf Bank KSC are studying the financing of an 800 million-dinar ($2.8 billion) power plant, Al-Watan reported, citing unidentified bankers familiar with the matter.

The lenders will reply within a month to a request from companies implementing the project, the newspaper said.

Kuwait in September signed a contract worth about $2.5 billion with General Electric Co. and Hyundai Heavy Industries Co. to build the 2,000-megawatt power plant. The plant in Subbiya will be operational by summer of 2011.

To contact the reporter on this story: Dahlia Kholaif in Kuwait at dkholaif@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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