chapter  27
6 Pages

Share Capital and Project Financing

The initial export credit loans for the project, effected by Andritz, a consortium of French banks and Nissho-Iwai Corporation respectively, were backed by export credit guarantees from their respective governments. Further, with the exception of the supplier's credit for cane harvesting and transport equipment (obtained through the National Automotive Manufacturing and Trading Company of Kuwait), all export credits were counter-guaranteed pro rata by Kenana's founder shareholders, together with a letter of comfort issued by the Government of Kuwait.