Kuwait has raised 150 million dinars ($491 million) through domestic debt issuance, which was oversubscribed 10 times, on strong interest from banks.

The Ministry of Finance has now reached 50% of its KD 2 billion local borrowing target for the 2025–2026 fiscal year following the latest issuance, Kuwait Times reported.

The funds were raised through a mix of two-year bonds and Murabaha instruments, carrying a variable interest rate of 0.25% to 0.375% above the central bank’s base rate.

The proceeds will be used for projects in infrastructure, healthcare, education, and energy sectors, as well as to strengthen the Gulf nation’s general reserves.

The ministry is planning road shows, as it expects to raise up to $10 billion from global markets. However, the exact amount and timing will depend on the country’s financial priorities and international market conditions.

 The planned issuance could be split into multiple tranches, beginning in Asia and extending to Europe, the report said.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)