KUWAIT CITY, (AFP) – Kuwait’s Global Investment House said on Saturday it has completed repayment of first year commitments under a restructuring plan for a 1.725-billion-dollar debt.

The agreement, signed by Global a year ago, requires the company to repay 10 percent of the principal debt, or 172.5 million dollars, in the first year, besides interest.

“The company has now repaid a total of 178.3 million dollars which is 5.8 million dollars in excess of the agreed repayments due in the first year,” Global said in a statement.

Global said it has also paid 82 million in interest.

“I am delighted that despite ongoing market volatility and macro head-winds both in the GCC (Gulf Cooperation Council) and the wider international economy, we have succeeded in not only meeting but exceeding our obligations” under the plan, chairperson Maha al-Ghuneim said.

Global defaulted in late 2008 but reached an agreement in December 2009 with its 53 creditors to restructure the debt over three years.