March 21, 2018 / 1:40 PM / 10 months ago

Dubai completes $2.45 billion project financing for metro extension

DUBAI, March 21 (Reuters) - The government of Dubai has completed a project financing worth about $2.45 billion for the extension of the city’s metro rail system, Dubai’s Department of Finance said on Wednesday.

The project envisages the construction of about 15 kilometres of extension to the Dubai Metro’s Red Line from Nakheel Harbour and Tower station up to the site of the Expo, which is going to be held in Dubai in 2020.

The financing comprises a $1.42 billion 17-year loan backed by guarantees provided by French and the Spanish export credit agencies, and a $1.1 billion 10-year loan provided by commercial banks. (Reporting by Davide Barbuscia, editing by Louise Heavens)

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