Kuwait's Mobile Telecommunications Co (Zain) is in the final stages to reschedule a $2.5 billion two-year Murabaha loan agreement signed in 2007, Kuwait-based Al-Rai daily reported on Thursday. The loan is destined for Zain Saudi Arabia and aims to finance the development of its infrastructure and the expansion of its subscribers' base, the paper reported, citing Zain officials. The rescheduling, which would be completed before the end of July, aims to refinance murabaha facilities worth $1.2 billion signed in 2006, the officials added. Al Aswaq.net reported on Wednesday, citing a banker, that the $2.5 billion murabaha is being renewed by a group of banks that includes Al- Rajhi Bank, Banque Saudi Fransi, and France's Calyon.
