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FinancialNews
30-05-17
Dubai predicts to raise USD500mn to fund metro expansion
(MENAFN) The government of Dubai is projected to raise the money requested to extend the city"s metro with a basic loan of almost USD500mn that will be followed by loans guaranteed by export credit agencies.
Furthermore, the department of finance will approach banks in the coming weeks needing a loan with a maturity of five years.
Meanwhile, when the government contacted banks on the financing of the metro extension in 2016, it asked for USD2.8bn of funding, which would have involved ECA-backed loans.
Additionally, the five year loan which the government is now projected to offer will have an interest margin of more than 200 bps over Libor.
MENAFN3005201700450000ID1095522237
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