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FINANCIAL NEWS
UAE’s Baraka One gets USD2b loan from US Ex-Im
09 Sep 2012
(MENAFN) The US Export-Import Bank agreed to grant UAE’s Barakah One Company USD2 billion loan to fund the purchase of US equipment and construction services to build one of the world’s largest nuclear power plants, Reuters reported.
The bank said that the loan has the approval of the White House’s National Security Council as well as the departments of State and Energy, expecting the credit line to support approximately 5,000 jobs across 17 US states.
This is the largest loan in the Ex-Im’s history to the UAE and also represents the first new nuclear power plant it has helped finance since the late 1990s, the bank said.
At the end of the 2011 budget year, Ex-Im had about USD3.7 billion of credit exposure in the UAE.
Barakah One plans to build four nuclear reactor power-generating units, which are supplied by Korea Electric Power Corp, on a coastal strip approximately 220km from Abu Dhabi.
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