Loans and cash management services to be provided by ADCB
Abu Dhabi Terminals (ADT) has signed an AED300m ($81.7m) agreement with Abu Dhabi Commercial Bank (ADCB) to help support the development of the Khalifa Container Port.
Under the terms of the agreement, ADCB will be the only provider of cash management, interest rate and lending services to Abu Dhabi Terminals.
The bank will mainly provide funding for planned capital expenditure as well as the re-financing of an existing short-term bridge loan.
Khalifa Port was fully opened in December 2012 in Abu Dhabi. It has recorded a 20 per cent year-on-year increase in the number of container ships handled since its opening.
ADT is majority-owned by the government of Abu Dhabi via the Abu Dhabi Ports Company, Mubadala and Mubadala Infrastructure Partners Ports.
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