JOC Staff | Mar 05, 2013 2:10PM EST
Etihad Rail has secured a $1.28 billion loan for Stage One of its railway project, which comprises the route from Shah and Habshan to Ruwais in the United Arab Emirates.
The five-year loan will be financed on a club deal basis by National Bank of Abu Dhabi PSJC, Bank of Tokyo-Mitsubishi UFJ, Abu Dhabi Commercial Bank and HSBC Bank Middle East, with NBAD acting as both the facility and security agent of the loan.
“With the recent arrival of our wagons, the considerable headway being made in construction on Stage One and as we look forward to the arrival of our locomotives later this quarter, Etihad Rail is on schedule to seeing the first train run from Habshan to Ruwais by the end of this year,” said Nasser Saif Al Monsoori, CEO of Etihad Rail, in a written statement.