Middle East Economic Survey

VOL. XLVII

No 42

18-October-2004

ENERGY FINANCE

ADCB Signs $40mn Agreement To Finance Djibouti Storage Terminals

Abu Dhabi Commercial Bank (ADCB) announced on 6 October it has signed a $40mn financing agreement with Horizon Djibouti Terminals Ltd (HDTL) to build a bulk liquid storage facility near Djibouti Port on the Red Sea. Project costs are approximately $58mn of which ADCB, the sole financer, is covering 70%. The terminal, to be completed by June 2005, is being...