Kuwait's Aviation Lease and Finance Company (Alafco) said it has successfully closed an agreement for a three-year syndicated Murabaha facility for $300 million.

The transaction has been advised by KFH Capital Investment Company with participation from Kuwait-based Warba Bank, Boubyan Bank, Kuwait International Bank and Bahrain-based ABC Islamic Bank, said the company in a statement.

Alafco’s main activities include aircraft operating leases, sale and leasebacks and aircraft lease management.

Its portfolio consists of 65 Airbus and Boeing aircraft – comprising A320, B737 and B777 aircraft – leased to 22 airlines in 14 countries across the world, said the statement.

A major regional player, Alaco invests in new technology aircraft and has a firm order of 113 aircraft including 73 A320neo, 10 A321neo, 10 A350-900XWB, and 20 B737max 8 aircraft.-TradeArabia News Service