International Finance Company agrees $100m loan

Arab Banking Corporation (ABC) is close to finalising a $100m loan to Kuwait's International Finance Company (IFC) to fund its expansion plans.

The loan will be structured over four-and-a-half years with a margin of 1.5 per cent. Syndication was launched in late April. IFC was launched in 1980 to provide loans to both corporate and retail customers.

The additional finance will be used to fund growth in the company's loan portfolio in Kuwait, and expand the firm's insurance business. ABC acted as joint bookrunner and underwriter with an international bank.