NO. 42

18 JULY 1994

Financial and Banking News

Regional Financing

Kuwait's PIC Expected To Approach The Market In September

Kuwait's Petrochemical Industries Company (PIC), in its joint venture withUnion Carbide is expected to approach the market in September for a $1.1bn loan.About 90% of the financing is expected to be backed by three export creditagencies, US Eximbank, Italy's Sace and Germany's Hermes, leaving only a smallamount of clear Kuwaiti risk to be covered. The loan will...