Saudi banks to prop up Ras Azzour financing
- From: Vol 9, Issue 12 (December 2008)
- Category: General
- Region: Middle East
- Country:
- Related Companies: Gulf Investment Corporation, Japan Bank for International Cooperation and Suez Environment
Local support means that international project finance will now provide less than 20% of the debt for Ras Azzour. Meanwhile, a USD900 million bridge loan should keep the Shuweihat 2 IWPP on track.
The drastic reduction in the appetite of international banks for long-term lending is raising the pressure on the debt arrangers for multi-billion dollar independent water and power projects (IWPPs) in the Middle East.
The lack of international project finance has forced the arranging banks to seek bigger contributions from other sources, including local banks. It is only really the Saudi ...
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