UAE’s ADCB finances India airport expansion

Abu Dhabi: Abu Dhabi Commercial Bank has closed a $125 million deal to finance an airport expansion in India and may lend over one billion dirhams this year for infrastructure projects in Asia’s fastest growing economy, the bank’s chairman said on Tuesday.
Saeed Al Hajiri said ADCB underwrote $125 million of $162 million to finance the expansion of the GMR Hyderabad International Airport expansion.
“The transaction is an important step in the continued efforts of the bank to diversify into strategically important markets like India and in the area of infrastructure,” Al Hajiri told Reuters.
“There are huge opportunities for infrastructure financing in the Indian market and we will assess them. We could easily exceed over one billion dirhams in financing such projects this year.”
ADCB was the single largest lender and only foreign bank in the $162 million transaction where two Indian banks also participated, he said.
20/03/07 Reuters/Khaleej Times, United Arab Emirates

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Categories: Airports Mar 2007, Foreign Mar 2007