Etihad Rail - the developer and operator of the UAE's national railway network - announced today (26 February) that it has secured financing of $1.28 billion (AED 4.7 billion) for Stage One of its railway project, which comprises the route from Shah and Habshan to Ruwais.
Nasser Alsowaidi, Chairman of Etihad Rail said, "The securing of this loan not only represents the beginning of a new era for the UAE in trade and travel through a transportation network that will connect all seven emirates with our GCC partners, but also reflects the international financial community's confidence in Etihad Rail and the significant potential of the UAE's national railway."
The five-year loan will be financed on a club deal basis by National Bank of Abu Dhabi (NBAD), Bank of Tokyo-Mitsubishi UFJ (BTMU), Abu Dhabi Commercial Bank (ADCB) and HSBC Bank Middle East Limited (HSBC), with NBAD acting as both the facility and security agent of the loan.
Read more: http://www.cpifinancial.net/news/post/18975/banks-club-together-for-etihad-rails-1-28-billion-loan
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