Dubai Electricity & Water Authority, the government-run utility, has applied to international banks for a $1 billion loan guaranteed by export credit agencies, Middle East Economic Digest reported, citing an unidentified banker close to the transaction.
The loan would be the second such guaranteed borrowing the authority, known as Dewa, has obtained and is part of a bid to obtain low-cost funding to finance contracts with European suppliers, the publication said.
The authority in May 2009 took out a $1 billion loan backed by Germany’s Hermes, Italy’s Sace, and France’s Coface that was priced at less than 3 percent above the London interbank offered rate, MEED said. The same three agencies probably will guarantee the new loan, the publication added.
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