MANAMA: Bahrain-based First Energy Bank (FEB), the first Islamic investment bank focused exclusively on the energy sector, has acquired a 9 percent stake in the $2.2 billion Al-Dur Independent Water and Power Production (IWPP) project, the largest in Bahrain. With a total investment of BD50 million, FEB becomes a significant shareholder in the project.
Kuwait to post $21bn surplus
KUWAIT CITY: Kuwait is likely to post a healthy budget surplus of up to $21 billion this fiscal year on the back of higher oil prices, a local bank said on Wednesday, although the government has projected a huge deficit. The budget surplus for OPEC’s fourth-largest producer is expected to range between $3.7 billion and $21.6 billion depending on the oil price, the National Bank of Kuwait (NBK) said in a report.
Kazakhstan to get $500m loan
ALMATY: The Asian Development Bank will extend a short-term loan of $500 million (340 million euros) to energy-rich Kazakhstan, the country’s Finance Ministry said Wednesday. The loan agreement, signed Wednesday in Kazakhstan’s futuristic capital Astana, designates the funds for budgetary support and anti-crisis measures, as Central Asia’s largest economy continues to reel from the financial crisis.
