Dubai – Mubasher: Dubai won a $2.45 billion funding from the Spanish export credit agency CESCE, Bpifrance Assurance Export, and the French export credit agency, the emirate said on Wednesday.
The loan will be allocated to extend Dubai Metro’s Route 2020 by 15 kilometres to the Expo’s site from Nakheel Harbour and Tower station, local media reported.
“The transaction consists of a 17-year $1.42 billion loan, amortising over 14 years commencing in 2020 and a 10-year conventional facility of $1.1 billion, amortising over six years commencing in 2022,” it added.
With seven new stations scheduled to be built to expand the current metro’s network, the total cost of Dubai Metro project stood at AED 10.6 billion.
The loan providers and mandated lead arrangers were Standard Chartered Bank, Intesa Sanpaolo, HSBC Middle East, First Abu Dhabi Bank, and Banco Santander.
The whole project will be implemented by a three-firm alliance comprising France-based Alstom Transport, Gulermak, and Acciona Infraestructuras.
Alstom previously stated that it would establish a tram line in Abu Dhabi, as well as largely expand in the UAE.
Alstom’s stake in the extension of Dubai Metro’s Red Line project to the Expo 2020 venue in Dubai is EUR 1.3 billion.
The French train-maker will also build Dubai tramway which will cost about EUR 700 million.
