"This is in line with an MoU signed between the Yusuf bin Ahmed Kanoo and ABC late last year," both parties said in a joint statement.
"This signing reinforces the role played by financial institutions like ours in Bahrain in supporting and financing large corporates. It also displays our confidence in the future of Bahrain's economy," said Sael Al-Waary, group chief operating officer at ABC while commenting on the financing deal.
"We welcome this partnership between two large corporations - ABC and Kanoo - that have for decades been a driving force in Bahrain's economy," said Saud Kanoo, deputy chairman of YBA Kanoo.
ABC is an international universal bank headquartered in Manama with a network spread across 22 countries in the MENA, Europe, the Americas and Asia. ABC has consolidated assets of $25.5 billion with a shareholders' equity of $3.2 billion.
Founded in 1980, it is listed on the Bahrain stock exchange and its major shareholders are the Central Bank of Libya, Kuwait Investment Authority and Abu Dhabi Investment Authority.
