BY A STAFF REPORTER :

ABU DHABI-Abu Dhabi Ports Company (ADPC) and National Bank of Abu Dhabi (NBAD), signed a Dh 1.1 billion financing agreement to meet the initial construction costs of the Khalifa Port project.

The financing is a revolving credit facility for a period of one year. ADPC is the master developer of the multi-billion dollar Khalifa Port and Industrial Zone (KPIZ), located between the cities of Abu Dhabi and Dubai.

ADPC is in the process of structuring long-term project finance facilities. The NBAD financing will enable the company to meet the immediate project development expenses of the first phase of Khalifa Port's construction which is expected to be completed by end of 2010.

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Posted by dcjaya at December 17, 2007 2:39 AM