Saturday, September 08, 2012

US bank backs $2b loan for UAE nuclear plant


Dubai: The Export-Import (Ex-Im) Bank, the official export credit agency of the United States, has authorised a $2 billion direct loan to UAE’s Barakah One Company to underwrite the export of American equipment and service-expertise for the construction of a nuclear power plant in the UAE, a bank statement said.
The credit line comes under the ‘U.S. – UAE 123 Agreement for Peaceful Civilian Nuclear Energy Cooperation’ signed by both the countries in 2009 and the ‘Arrangement Between the Nuclear Regulatory Commission of the U.S. and the Federal Authority for Nuclear Regulation of the UAE For the Exchange of Technical Information and Cooperation in Nuclear Safety and Security Matters’ in 2010.
The United States’ National Security Council and the Departments of State and Energy have approved the transaction.
This will help more than 5,000 American jobs in 17 states and comes at a crucial time when US unemployment rate flirts around the psychological 8 per cent mark ahead of President Barack Obama’s re-election bid in November.
“Total non-farm payroll employment rose by 96,000 in August, and the unemployment rate edged down to 8.1 per cent,” the U.S. Bureau of Labour Statistics reported on Friday.
Source Gulfnews.com


1 comment:

rocky mountain said...

Thanks for the information.
Excellent article: gives a very complete picture of the US bank.
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