JBIC’s $2.5bn dominates Ras Azzour debt package
- From: Vol 10, Issue 2 (February 2009)
- Category: General
- Region: Middle East
- Country: Saudi Arabia
- Related Companies: Al Jomaih , Alinma, Bank of Tokyo-Mitsubishi, Citibank, Japan Bank for International Cooperation, Malakoff, Mizuho Corporate Bank, National Commercial Bank, Riyadh Bank, Royal Bank of Scotland, SMBC and Sumitomo
International banks have been all but marginalised in the $4.2 billion financing package for Ras Azzour.
The decision by Malaysian developer Malakoff to reduce its equity stake in the $5.4 billion Ras Azzour IWPP in Saudi Arabia from 20% to 8% has led to preferred bidder Sumitomo and local partner Al-Jomaih taking up the slack.
This, in turn, paved the way for JBIC to increase its 23-year project loan to a whopping $2.5 billion ...
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