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Sun 1 Mar 2015 04:27 PM

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Sharjah utility raises $500m loan to fund expansion

Sharjah Electricity & Water Authority says funds will be used for infrastructure and expansion plans

Sharjah utility raises $500m loan to fund expansion

Sharjah Electricity & Water Authority (SEWA) has raised a $500 million syndicated Islamic loan which will be used to fund its infrastructure and expansion plans in the emirate, one of seven in the United Arab Emirates.

The new five-year facility was structured and arranged by Kuwait Finance House and GIB Capital. They were joined by Gulf International Bank, ABC Islamic Bank, Sharjah Islamic Bank and Barwa Bank as mandated lead arrangers, Kuwait Finance House said in a statement.

The transaction is guaranteed by the Government of Sharjah. SEWA has exclusive rights of providing water, electricity and natural gas in the Emirate of Sharjah and was established as per a decree issued in March 1995.

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