Dubai raises $1.1 billion loan for metro expansion - sources

Dubai raises $1.1 billion loan for metro expansion - sources:

"The government of Dubai has raised a $1.1 billion loan that will be used to extend the city’s metro rail system, completing the first step of an infrastructure financing programme which could total as much as $2.8 billion, sources familiar with the matter said on Tuesday. The $1.1 billion is the commercial part of total funding required for the project; the remainder is expected to be obtained via loans guaranteed by export credit agencies (ECAs). First Abu Dhabi Bank, HSBC, Intesa Sanpaolo, Santander and Standard Chartered have provided the loan, which has a 10-year tenor, said the sources."



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