Al Dur 2: A Saudi nightmare on ECA street
The $1.5 billion Al Dur 2 independent water and power project (IWPP) financing achieved a record length tenor on an uncovered local bank tranche, an indirect benefit of ECA support. But according to sources close to the deal, that benefit may not counterbalance the arranging 'nightmare' that went with structuring Saudi Exim’s direct loan debut.
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