Kuwait Energy Company, leading Middle East based major independent exploration and production company has announced that it has bagged a $50 million ( around Dh183.65 million) loan from the International Finance Corporation (IFC).

The sources informed that the company has secured this loan in order to speed up the development as well as exploration of its oil and gas assets in Egypt and Yemen.

The sources further informed that this is the first time that IFC is offering monetary resource to Kuwaiti company. The package includes a $35 million reserve based facility as well as a $15 million income participation facility. The financing from IFC will be carried out through murabaha transaction.

As per reports of media, Kuwait Energy has grown importantly in reach and asset allocation, quickly allowing it to gain the reputation of the fastest growing independent E&P company in the Middle East.