Aluminium Bahrain, one of the Middle East’s top aluminium smelters, closed two export credit financing facilities as it looks to finalise its Line 6 Expansion Project.
The loan facilities consisting of $136 million (Dh499.5m) and €90m (Dh376.2m) will be used to finance the provision of equipment for the Line 6 expansion, one of the biggest brown-field projects in the Arabian Gulf, the company said in a statement on Monday to Bahrain bourse, where its shares are traded.
Export Development Canada (EDC) has provided the $136m loan with a 10-year tenor while Japan Bank for International Co-operation and Nippon Export and Investment Insurance (JBIC-NEXI) have supported the €90m finance facility divided into two contract loans, with 10-year and six-year tenor, it added.
Facilities are “a step closer towards transforming our vision into reality with the safe start-up of Line 6”, said Alba’s chairman Daij Al Khalifa.
International News Desk, Bahrain
Mr.Sisel Panayil Soman, COO – Middle East
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