Dubai said to seek $2.5bn loans to finance metro extension

Dubai is reportedly seeking $2.5 billion in loans to finance a planned 15km extension of its metro line to the World Expo 2020 site.

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Dubai is reportedly seeking $2.5 billion in loans to finance a planned 15km extension of its metro line to the World Expo 2020 site.

Bloomberg reported that banks submitted proposals this week to the emirate’s Department of Finance, including a $1.34 billion facility backed by European Export Credit (ECA) agencies, citing two people with knowledge of the plan.

They claimed lenders also bid for a $1.12 billion unsecured, commercial facility that is guaranteed by the Dubai government.

Dubai’s department of finance declined to comment, Bloomberg said.

Earlier this month, it was announced that Dubai’s Route 2020 expansion of the city’s Metro system is set to start operating on May 20, 2020, five months prior to the Dubai Expo mega event.

Dubai Media Office said the Route 2020 project covers the extension of the Dubai Metro Red Line by 15km from Nakheel Harbour & Tower Station to the site of Expo 2020 in Jebel Ali. More info

By Staff  www.emirates247.com

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