Middle East Economic Survey
EMAL Secures $737Mn Of ECA Funding, Continues To Eye Capital Markets
Emirates Aluminium (EMAL) signed agreements worth $737mn on 5 July with three export credit agencies (ECAs) to support the financing of phase one of its aluminum smelter project in Taweelah. The financing is unusual because the ECAs are a late entry to the phase one funding typically ECAs are early participants in project financing. The $737mn represents around 10% of...