The Arab Energy Fund closed USD 346 mn in reserve-backed financing for Kuwait Energy Basra, the operator of the Faihaa oil field in Iraq (Block 9), according to a statement. The facility — secured against oil and gas reserves — is earmarked for the next development phase at Faihaa, including drilling, infrastructure upgrades, and output growth.

The structure tells the story: The Saudi-headquartered multilateral acted as the initial mandated lead arranger and structuring bank, running the process from early structuring through financial close since 2024, with Kuwait Finance House and Trafigura joining as lead coordinators.

Why this matters: The backing of Iraq’s expansion plans comes at a moment when Opec politics and production ceilings are tightening. Reserve-based financing moves projects without waiting for budget relief.

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