Oman's Mazoon Electricity raises $235 mln through Islamic financing facility
Published 23 Mar,2021 via Muscat Daily - Mazoon Electricity Company, a member of Nama Group, has raised US$235mn through a syndicated Ijarah (Islamic financing) facility for the expansion of its electricity distribution network, according to Kuwait International Bank (KIB) which participated in the transaction as the mandated lead arranger.
‘Kuwait International Bank has participated, as a mandated lead arranger, in the US$235mn syndicated Ijarah facility for Mazoon Electricity Company in Oman, along with a consortium of local and regional banks,’ KIB said in a press statement posted on its website on Tuesday.
This one-year bridge facility, which can be extended for an additional year, aims to support Mazoon’s pre-approved capital expenditure plans for 2021, related to the expansion of the electricity distribution network, KIB said.
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