The National Bank of Kuwait (NBK) and Kuwait Finance House (KFH) signed a joint financing agreement worth KWD1.5bn ($4.57bn) for Kuwait Petroleum Corporation (KPC) on November 18, marking the largest syndicated loan ever denominated in Kuwaiti dinars, KUNA reported.

The deal comes as KPC pursues its Vision 2040 strategy, aimed at expanding global energy operations and strengthening integration between investment and production. Officials said the agreement underscores KPC’s creditworthiness and paves the way for future partnerships to support Kuwait’s economic growth and reinforce its position as a regional hub for finance and energy.

The facility is split into two tranches: a conventional loan of KWD825mn ($2.51bn) and Islamic financing of KWD675mn ($2bn). NBK acted as the global agent and conventional facility agent, while KFH served as the Islamic agent. Other local banks, including Burgan Bank, Commercial Bank of Kuwait, Gulf Bank, Boubyan Bank, Kuwait International Bank and Warba Bank, also participated.

NBK contributed KWD495mn ($1.5bn), making it the largest lender in the conventional tranche. KFH provided KWD405mn ($1.23bn), the largest share of the Islamic tranche.

Sheikh Nawaf Saud Al‑Sabah, Vice Chairman and CEO of KPC, said the deal strengthens the corporation’s financial flexibility and supports capital projects under its long‑term strategy. “This is the first syndicated loan of this size in Kuwaiti dinars and shows the confidence KPC enjoys in the local banking sector,” he noted.

Salah Al‑Fulaij, CEO of NBK, described the agreement as an extension of the bank’s historic role in supporting national projects. “Our contribution highlights NBK’s strong financial position and experience in managing large‑scale financing,” he said, adding that the broad participation of local banks demonstrates the resilience of Kuwait’s banking sector.

KFH Group CEO Khaled Al‑Shamlan underlined the bank’s leadership in Islamic finance. “Our KWD405mn share underscores KFH’s role in supporting development in line with Kuwait Vision 2035,” he said, stressing that the transaction provides Sharia‑compliant solutions for strategic projects.

The financing is seen as a model of integration between conventional and Islamic banking, indicating the sector’s ability to deliver flexible solutions for major institutions. It also highlights the partnership between Kuwait’s financial and oil sectors in driving sustainable development.