Dubai Said to Seek $2.5 Billion Loans to Expand Metro for Expo
- Loan includes $1.34 billion facility backed by export agencies
- A $1.12 billion commercial tranche also part of proposal
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Dubai is seeking $2.5 billion in loans to finance a 15-kilometer (9-mile) extension of its above-ground metro line to the World Expo site, according to two people with knowledge of the plan.
Banks submitted proposals this week to the emirate’s department of finance, including a $1.34 billion facility backed by European export credit agencies, said the people, asking not to be identified because the information isn’t public yet. Lenders also bid for a $1.12 billion unsecured, commercial facility that is guaranteed by the Dubai government, they said.