KUWAIT, April 16 (KUNA) -- Burgan Bank (BB) has provided USD 150 million worth of facilities to finance expansions by United Arab Shipping Company (UASC), the bank said in a statement Monday.

BB's Corporate Banking Group has successfully completed a USD-150-million finance deal with UASC, the largest shipping company in the Middle East, to be used for financing capacity expansion undertaken by UASC through acquisition of nine A13 class container ships, one of the largest of their kind in the shipping industry at present.

The deal was signed by BB's Chairman Majed Al-Ajeel and UASC representative yesterday.

"Burgan Bank's Corporate Banking Group has proved over the years to be a reliable partner for growth by industry leaders such as UASC," Al-Ajeel said in the statement.

The Group continues to expand its finance deals with its corporate clients to support them in executing their strategic plans, he added.

"Our support reiterates our commitment to develop and provide the best financial solutions to our clients and their businesses," said Al-Ajeel.

UASC is owned by six Gulf countries: Kuwait, Qatar, Saudi Arabia, Bahrain, United Arab Emirates and Iraq.