Kuwait Projects Co (KIPCO) said on Sunday construction had begun on its USD2-2.5bn real estate project in Kuwait, which has been downsized by around half from its original estimated cost. The mixed-use project was scaled down after an earlier estimate did not take into account the area for infrastructure and services required by the government, said Tawfiq al-Jarrah, executive director of the Hessah Al Mubarak scheme, located on the outskirts of Kuwait City. Banks will provide financing for half of the project, with KIPCO funding the remainder directly, he said. Kuwait's Burgan Bank will be among the main lenders to the project, al-Jarrah said at a press conference about the development. The bank is 64.4% owned by KIPCO. (Arabian Business)   Burgan Bank: KWD0.33 as of 25 September 2016, Rating: Neutral, FV: KWD0.37 per share, MCap: USD2,220mn, BURG KK / BURG.KW