UAE - Mubasher: HSBC has provided a $558 million (AED 2 billion) funding for the construction of the UAE's Etihad Rail project, Zawya reported.
The bank financed the working capital package of an unincorporated joint venture (JV) between the UAE’s National Projects and Construction (NPC) and China Railway Construction Corporation (CRCC).
HSBC's funding package to the JV includes guarantees, trade, supply chain, and receivables finance cash management and foreign exchange solutions.
In December 2019, the contractors won a tender contract for the project's Package D, which includes the construction of a 145- kilometre railway line linking the ports of Fujairah and Khorfakkan to the pan-Emirates network at the Dubai border with Sharjah.
The project involves the building of a 1,200-kilometre railway line, constructed through various stages, to connect the UAE’s seven emirates.
