Etihad Rail wins project finance deal of the year

ABU DHABI: Etihad Rail has been awarded the Project Finance Deal of the Year 2013, for the financing of USD 1.28 billion (AED 4.7 billion) for Stage One of its railway project, which comprises the route from Shah and Habshan to Ruwais. Khaled bin Faisal, Administration Director of Etihad Rail, accepted the award at a gala event in Dubai on behalf of the Etihad Rail team.

Dr. Nasser Al Mansoori, CEO of Etihad Rail, said, “Etihad Rail is a strategic infrastructure project, and we have always been proud of the rapid progress we have made to transform our vision to reality. This recognition reaffirms the confidence of the international community in this project, and rewards our continued and committed efforts to implement best international practice in all areas.” Al Mansoori expressed his appreciation for Abu Dhabi National Oil Company (ADNOC) and National Bank of Abu Dhabi PJSC (NBAD) for their role in securing this deal.

Project Finance Magazine, Euromoney Publications’ flagship international infrastructure finance title, developed the Project Finance Awards 15 years ago. The prestigious awards recognise innovation, deal repeatability, best practice, problem solving, risk mitigation, value for money, and speed of delivery in the financing of infrastructure projects.

Etihad Rail, in collaboration with the Abu Dhabi National Oil Company (ADNOC), secured a five-year loan for Stage One in 2013, financed on a club deal basis by Bank of Tokyo-Mitsubishi UFJ (BTMU), Abu Dhabi Commercial Bank (ADCB) and HSBC Bank Middle East Limited (HSBC), with NBAD acting as both the facility and security agent of the loan.

SOURCE: WAM