Taxpayers From U.K. to Korea Take on Risk to Help Dubai’s Growth - Bloomberg:
"When travelers breeze though Dubai’s expanded Al Maktoum International Airport in a few years, they’ll probably have the British taxpayer to thank.
The state-funded U.K. Export Finance agency is offering as much as $2 billion in loans and guarantees to British companies bidding for contracts on the airport, the agency said in an e-mailed statement. It’s one of many low-profile national export credit agencies that are playing a growing role in financing the emirate’s public and private developments.
Export credit agencies from Korea to France and Belgium increased their backing of Dubai building projects after the unrated emirate’s brush with insolvency in 2009 caused banks to curtail lending. While the loans and guarantees help exports and job creation for the lending country, they also expose taxpayers to financing in a place that doesn’t have a credit rating."
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