Kuwait International Bank reached an agreement with Aref Investment Group to restructure $35 million of Aref Investment’s debt, Al-Anba reported, citing a statement from the bank.
Kuwait International joins others lenders who already agreed to restructure Aref Investment debt, the newspaper said.
Aref Investment signed a five-year agreement with creditors to restructure about 280 million dinars ($996 million) of debt, giving the Kuwaiti investment company an 18-month grace period, Kuwait Finance House said in November. Kuwait Finance, the country’s largest Islamic bank, is leading the plan.
Burgan Bank SAK, Al-Ahli Bank of Kuwait and Kuwait International Bank are among the lenders that have agreed to the plan, Kuwait Finance said.