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Friday, 25 November 2016

Export credit enlisted to keep Gulf mega projects funded: sources | Reuters

Export credit enlisted to keep Gulf mega projects funded: sources | Reuters:
"Gulf governments are increasingly turning to export credit agencies (ECAs) to finance billions of dollars of infrastructure projects as low oil prices squeeze liquidity in the region.

Bankers say that since oil prices fell more than two years ago, eroding state revenues and drying up funding from local and international banks, borrowers are considering ECA finance for everything from airports to oil refinery expansion.

The extent of its use in the future is difficult to predict, but at least a portion of the estimated $2 trillion of projects planned in the Gulf Cooperation Council are likely to require ECA involvement."

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