Dubai said to seek USD2.5bn loan to expand metro for Expo
Dubai is seeking USD2.5bn in loans to finance a 15-km extension of its above-ground metro line to the World Expo site. Banks submitted proposals this week to Dubai’s department of finance, including a USD1.3bn facility backed by European export credit agencies. Banks also bid for USD1.1bn unsecured, commercial facility that is guaranteed by the Dubai government. Funding is expected to be provided mainly by international banks. The ECA-backed facility has a maturity of 18 years, while the commercial loan has a 10-year tenor. (Bloomberg)
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