The Roads & Transport Authority (RTA) is in discussions with local banks Emirates NBD and Dubai Islamic Bank (DIB) to borrow cUSD1.5bn to fund the construction of the Route 2020 metro link, while export credit agencies will arrange a second tranche of cUSD1.5bn, according to an anonymous source. The local bank tranche is expected to have a 28-year tenor. The RTA is expected to secure preferential rates from its relationship banks, which is not likely to be syndicated. The funds will be lent to a blanket special purpose vehicle, with sovereign guarantees. (MEED)
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