Alba closes US$136m, EUR90m Export Credit Financing

Aluminium Bahrain (Alba) announced it has successfully closed a c.US$136 million and c. EUR90 million from Export Credit Agency (ECA) supported-facilities, the final instalment of the 2nd tranche of the financing of Alba’s Line 6 Expansion Project, by the end of 2018. The proceeds are used to finance the provision of equipment in relation to Alba’s Line 6 Expansion Project.

The facilities are made-up of: c. US$136 million Export Development Canada (EDC) supported-facility with a 10-year tenor wherein the principal amount is to be repaid over a 10-year period. It also includes a c. EUR90 million Japan Bank for International Cooperation (JBIC)/ Nippon Export and Investment Insurance (NEXI) supported-facilities comprising two contract loans.

The first has a tenor of 10-year and a principal repayment period of 9.5 years, and the second contract loan a tenor of 6 years with the principal amount to be repaid over a 5.5- year period. Commenting on this milestone, Alba’s Chairman of Board of Directors, Shaikh Daij Bin Salman Bin Daij Al Khalifa said: “This is another concrete highlight for us and a step closer towards transforming our vision into reality with the safe start-up of Line 6.”