On the 10th, Daewoo E&C invested $250 million (USD 250 million) in Kuwait through Al Ahli Bank of Kuwait (ABK), Commerical Bank of Kuwait (CBK), and Burgan Bank.
It was announced on the 14th that a loan agreement worth approximately KRW 330 billion was signed.
The loan period is 3 years from the date of initial withdrawal, and the funds raised this time will be used for Daewoo E&C's operating funds and project expenses. A Daewoo E&C official said, 'In line with the diversification of our business portfolio and expansion of overseas business, we are responding preemptively based on our global network, which is our strength.'
ABK is one of Kuwait's leading banks providing individual, corporate and private banking products and services since its establishment in 1967, and has branches in Egypt, Dubai and Abu Dhabi, UAE. Yasmine Salamah, General Manager of Multinational Corporations and Structured Finance, who attended the signing ceremony on this day, said, 'We are pleased that the transaction was successfully concluded through our partnership with Daewoo Engineering & Construction, a prominent and leading company in Korea.' 'Whether it is a multinational company or a local company, our partnership is the most important and we will develop it into a mutually beneficial relationship.'
CBK is one of Kuwait's largest financial institutions and the second-oldest bank in Kuwait, founded in 1960. It is a key financial institution that supports various power and infrastructure construction projects in Kuwait. 'CBK has a long-standing and strong relationship with Daewoo Engineering & Construction, which has carried out a variety of businesses in the Middle East,' said Kunal Singh, General Manager of CBK's International Banking Division. 'CBK has clients based in Asia, the Middle East and other regions. 'It is the most active bank in bank syndication 1) .'
Burgan Bank was founded in 1977 and focuses on the corporate and financial institutions sector. It has a branch network spanning the entire MENAT 2) region , including not only Kuwait but also Algeria, Tunisia, and Turkye . Mohammad Najeeb Al-Zanki, General Manager of Burgan Bank's Corporate Finance Division, said, 'This financial agreement with Daewoo Engineering & Construction will further solidify our global partnership, such as support for multinational companies, and provide services to domestic and international customers. 'We will continue to work to diversify our financial solutions,' he said.
Lee Yong-hee, Executive Director of Daewoo E&C's Financial Management Division, who attended the signing ceremony on this day, said, 'We are deeply grateful for the generous trust we have placed in our company, and Kuwait has been the cornerstone of Daewoo E&C's financial portfolio for a long time.' He added, 'To become a global construction company, we are investing in the Middle East region. 'We will strengthen our strategic partnerships with financial institutions,' he said.
Contact:
Tel: 02-2288-3114
BURGAN BANK K.P.S.C. 
