Credit Bank Is Authorized To Issue Bonds Worth 500 Million Dinars Under The Amiri Decree

An Amiri decree has been issued permitting the Kuwait Credit Bank to issue bonds worth 500 million dinars for the Kuwait Fund for Arab Economic Development.

According to a local Arabic daily, the decree, which was published in the Official Gazette (Kuwait Al-Youm) today (Sunday), stipulates that the bank will issue 20 bonds for the benefit of the fund over a five-year period, with each bond having a value of 25 million dinars and a five-year financing period starting from the date of issuance of the bonds.

The bond's duration is set at twenty years, beginning on the day of the bond's value being recorded in the books.

According to the decree, a 2% annual interest rate shall be calculated on the value of each bond, beginning on the date the bond value was entered into the bank's accounts, and it shall be paid annually to the Fund's interest, and the two parties shall sign an agreement to purchase these bonds in accordance with the conditions set forth in this decree.

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