Turkish construction company Limak Holding has signed an $831.3m loan agreement with National Bank of Kuwait (NBK) and Kuwait Finance House (KFH), to help finance the expansion of Kuwait International Airport (KIA).

NBK and KFH will jointly finance $415.19m each to facilitate the construction of the new terminal building known as KIA New Passenger Terminal II, which is currently being constructed by Limak.

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NBK will serve as the mandated lead arranger, inter-creditor agent, security agent, and account bank, while KFH will offer lead arranger and commodity murabahah investment agent services.

NBK chairman Nasser Musaed Al-Sayer told media sources: “Our journey with Limak actually started in 2016 when we partnered with KFH to issue a performance bond on behalf of the company for the much awaited new passenger terminal.”

“The new terminal will be able to serve nearly 25 million passengers per annum.”

Since then, the company has been providing banking support to Limak.

Limak Holding and regional construction company Kharafi National had jointly won the contract to build the new passenger terminal after bidding $4.34bn for the work.

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In a signing ceremony held on 30 May 2016, Limak was officially awarded the tender for the construction of the new terminal at the airport.

Upon becoming operational, the new terminal will be able to serve nearly 25 million passengers per annum. The terminal will feature 51 gates and also accommodate all types of aircraft.

It is scheduled for completion in a period of six years. The contract includes the provision of maintenance for further two years.