ICD seeks USD4b loan

12 Mar 2011

A senior at a commercial bank in Dubai reported that the sovereign wealth fund, Investment Corporation of Dubai (ICD), requested offers from banks regarding a four billion US dollar loan to be paid back over five years, reported Arabian Business.

The banker said that the loan would refinance existing debt including a USD6 billion loan, which would partially mature in the current year.

The banker said that ICD submitted a first draft for the terms of the needed loan.

It is worth noting that the period of five years for refinancing might not gain banks’ approval as the political unrest in the region increases risk of long term loans.

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