ICD provides US$50 million financing to ALAFCO Aviation Lease and Finance, Kuwait

Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO Aviation Lease and Finance Company K.S.C.P. have signed a four-year syndicated secured financing agreement for US$75 million with a US$50 million participation from ICD making it the lead financier in the transaction.

While the aviation sector plays a crucial role in global connectivity and mobility as well as economic growth, it has been one of the hardest hit sectors during the pandemic. ICD’s financing will strengthen the operations of ALAFCO and help it to be well prepared as economic activities and travel picks up. This transaction was arranged by KFH Capital.

Ayman Sejiny, the CEO of ICD, commented, “We are very pleased to support ALAFCO in its efforts as a leading player in the aircraft leasing market following Islamic finance principles. ICD is also pleased to work in collaboration with KFH Capital in this transaction. ICD fosters sustainable economic growth in its 55 member countries by financing private sector investments, mobilizing capital from the international financial markets, and providing advisory services to businesses and governments.”