The second agreement is valued at
KWD 60m, and it will finance the project of generating electricity in Damanhour power plant.
Kollross said
KWD is hoping to make items from recycled Styrofoam as soon as next year.
"Non-bank financials saw an increase in borrowing, with credit gaining by
KWD 15 million.
The Kuwaiti fund has previously financed the reclamation of 400,000 acres of land in Sinai with a total value of
KWD 45m and the steam electricity station in Sidi Kerir with
KWD 38.8m.
Total assets as of end of March 2015 reached $77.7 billion (
KWD 23.3 billion) up 13.8 per cent compared to March 2014, while total shareholders' equity increased by 5.3 per cent to $8.7 billion (
KWD 2.6 billion).
Credit to the sector was down by another
KWD 20 million in January, bringing the year-on-year decline to 12.8 per cent.
Household borrowing maintained its strong growth in August, gaining
KWD 105 million on the month.
In a statement to the Kuwait Stock Exchange, Gulf Bank reported net profit for Q1 2013 of
KWD 7.935 million, up from
KWD 7.37 million a year earlier.
Net income dropped to
KWD 20.1 million from
KWD 22.6 million for the same period last year, when the bank reported a 26 per cent drop in profits from the same period in 2010.