Kuwait’s Al-Ahmadi Oil Refinery, which is managed by Kuwait National Petroleum Company (KNPC), will receive $1b in funding from the Japan Bank for International Cooperation (JBIC), in addition to Japanese mega-banks and a major British financial firm, EOG Asia reported. The funds will be used to renovate the refinery which is located in southern Kuwait.

According to The Japan Times, JBIC, Sumitomo Mitsui Banking Corp., Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Britain’s HSBC will share the funds in 11-year loans. The commercial lending portion will be covered by the Nippon Export and Investment Insurance’s overseas investment insurance.

Additionally, the Japanese engineering company JGC Corporation will participate in the project to enable Al-Ahmadi Refinery to produce gasoline, gas oil and jet fuel according to European standards.

This is the first foreign fund to be procured by KNPC. The Japanese investors expect it will strengthen Japan’s economic ties with Kuwait and help Japanese companies win orders for large-scale infrastructure development projects Kuwait may launch in the future.