Friday 23 April 2010

Mubadala lines up $2.5bn in loans

Mubadala Development, the Abu Dhabi Government’s strategic investment arm, has lined up US$2.5 billion (Dh9.18bn) in financing as it builds on an increasingly diverse range of funding sources and relies less on government support.

The three-year facility announced yesterday adds to billions of dollars in financing Mubadala secured last year and early this year from banks and investors.

The company established a global medium-term note programme worth about $1.85bn in April last year, and added a euro commercial paper (EPC) programme this February that allows it to borrow money in multiple currencies over short periods from banks around the globe.

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