Al Dur 2: A Saudi nightmare on ECA street

In:

Infrastructure, Power, Waste and water

Region:

Middle East & Africa

Max Thompson

Managing Editor

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The $1.5 billion Al Dur 2 independent water and power project (IWPP) financing achieved a record length tenor for an uncovered local bank tranche, an indirect benefit of ECA support. But according to sources close to the deal, Saudi Exim’s direct loan debut proved a ‘nightmare’ to structure.