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Wed 3 Oct 2007 09:01 PM

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Bahrain lenders arrange $480mn debt facility

Financing for Damietta International Port Company to build Egypt port project.

Bahraini lenders Ahli United Bank (AUB) and Arab Banking Corporation have arranged a $480 million debt facility for a port project in Egypt, the two banks said on Wednesday.

The debt facility is for Damietta International Port Company (DIPCO), a consortium led by a subsidiary of Kuwait and Gulf Transport, which is building a new container terminal at the Egyptian port of Damietta.

DIPCO has been awarded a 40-year concession to construct and operate the container terminal, on Egypt's Mediterranean coast close to the entrance of the Suez Canal, due for completion in 2009.

The 19-year debt facility will be syndicated within weeks, an AUB official said, declining to give pricing details.

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