Aircraft Leasing Company, ALAFCO Secures USD 50 Million in Financing from ICD

Kuwait-based ALAFCO Aviation Lease and Finance Company (ALAFCO) and Islamic Corporation for the Development of the Private Sector (ICD) signed a four-year syndicated secured financing agreement for USD 75 million, with ICD contributing USD 50 million to the transaction.

Why it Matters?

The aviation industry is critical to worldwide connection, mobility and economic growth, and it was one of the hardest hit by the COVID-19 pandemic. ALAFCO's operations would be strengthened as a result of ICD's funding, and the company is likely to be better prepared as economic activity and travel improve. Adel Ahmad Albanwan, Chief Executive Officer at ALAFCO stated that the agreement demonstrates the confidence ICD has in ALAFCO's business model, its long-term susta...