Kuwait-based financial services provider Commercial Facilities Company (CFC) has closed a $45 million term loan facility with Standard Chartered Bank.

The purpose of the facility is funding working capital requirements of CFC and facilitate growth of consumer business.

This is the third direct loan to CFC by the bank with a total value of funding at $145 million.

CFC was established in 1977 as the first Kuwaiti shareholding company specialized in offering consumer finance facilities in Kuwait. It has developed its business to become the leading specialist provider of consumer credit in its domestic market and is also the largest consumer finance company in terms of total assets and shareholder equity.-TradeArabia News Service