National Bank of Kuwait (NBK) has signed an agreement with a joint venture firm led by Associated Construction Company (Asco) to finance the ongoing expansion work at Al Amiri Hospital, a leading healthcare unit in the country.

The KD98 million ($348.1 million) project is part of Kuwait’s Ministry of Health’s plan to develop the nation's healthcare sector.

It comprises the construction, maintenance and provision of medical equipment for a new tower at the hospital doubling the existing capacity by adding additional 460 beds and a multi-storey parking block.

The project had been awarded to ASCO who leads a joint venture comprising Impresa Pizzarotti and Al Essa Medical Equipment.

“NBK is the leading bank in Kuwait when it comes to project finance,” remarked Shaikha Al Bahar, the CEO of NBK Kuwait after signing the financing deal in the presence of George Nasr, Asco partner and general manager and other officials.

"Throughout its history, NBK has always been a strategic partner in financing vital projects in Kuwait. Its role in this project is yet again testament to the bank's professionalism and credibility in the market place,” she observed.

Al Bahar pointed out that the Al Amiri expansion reflects the determination to accelerate the implementation of mega projects. This is critical for boosting economic activity and spurring growth.

"We hope to see additional development projects being executed in the future allowing the private sector to be involved in a larger scale in developing Kuwait," she added.-TradeArabia News Service