Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO Aviation Lease and Finance Company 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 states that its 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.
Adel Ahmad Albanwan, the CEO of ALAFCO said, “I am delighted and pleased to have worked closely with ICD in finalizing the secured financing agreement. The agreement demonstrates the confidence ICD has in ALAFCO's business model, its long-term sustainability and the outlook of the aviation sector. I would like to thank ICD for their support and efforts throughout the process. Furthermore, I would like to thank KFH Capital for their contribution and support in advising ALAFCO on this financing arrangement.”
Abdulaziz Almarzooq, KFH Capital’s CEO stated: “KFH Capital is pleased to have advised ALAFCO on this very important transaction given the current aviation market conditions. He added “I would like to thank all the parties involved in making the transaction a success and especially ALAFCO for placing their trust in KFH Capital’s capabilities.”