The Industrial Bank of Kuwait (IBK) has long experience in the industrial development of Kuwait. It encourages industrial projects in the country at subsidized rates and identifying the fields of industrial activity that have the best prospects for growth. The bank may also provide finance for industrial services, such as oil extraction, marine contracting, and other industrial services. Medium or long-term financing is provided to new and existing projects, which plan for expansion. At the same time, the Bank provides the full range of commercial credit facilities for working capital finance to its corporate customers on competitive terms.