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Thursday, 22 September 2016

Dubai said to seek $2.5b loans to expand metro for Expo | GulfNews.com

Dubai said to seek $2.5b loans to expand metro for Expo | GulfNews.com:

"Dubai is seeking $2.5 billion (Dh9.1 billion) in loans to finance a 15-km extension of its above-ground metro line to the World Expo site, according to two people with knowledge of the plan.
Banks submitted proposals this week to the emirate’s department of finance, including a $1.34 billion facility backed by European export credit agencies, said the people, asking not to be identified because the information isn’t public yet. Lenders also bid for a $1.12 billion unsecured, commercial facility that is guaranteed by the Dubai government, they said.
Funding is expected to be provided mainly by international banks, the people said. The ECA-backed facility has a maturity of 18 years, while the commercial loan has a 10-year tenor, one of the people said."



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