Kuwait's IFA gets more time to pay off $65m debt burden. This will now be paid off over 5 years as part of agreement with a 'foreign bank'.
Kuwait , Kuwait
01 January 2021, 12:00 AM
31 January 2021, 12:00 AM
Kuwait’s International Financial Advisors (IFA) Holding has secured a deal whereby it gets to reschedule paying off its entire debt for a further five years.
This news comes after the new debt deal with a “foreign bank”. IFA will pay off its $65 million debt (20.05 million Kuwaiti dinars) on a fixed annual interest of 1.5 per cent, and which will be paid off in quarterly instalments.
A “related company” replaced IFA in the transaction.
The company has over the years built up a sizeable real estate project portfolio and was involved in the ‘Golden Mile’ on the Palm.
In the coming days, other big-time developers in the Gulf could also be rescheduling their debts to make better use of the low interest rate environment. It's unlikely that rates are going to head higher at immediate future.