UAE-based Emirates Aluminium (Emal) has formed a group of six banks for the financing of a $420m export credit agency (ECA) backed loan for the development of its smelter project at Taweelah.

The banks will provide funding for a $420m loan backed by ECAs France’s Coface and Germany’s Hermes. An additional $300m is being lent by Export-Import Bank of the US (US Exim).

The six banks are:

• HSBC (UK)
• Citigroup (US)
• BNP Paribas (France)
• Credit Agricole (France)
• Natixis (France)
• Deutsche (Germany)

Emal, a joint venture between Abu Dhabi’s Mubadala Development Company and Dubai Aluminium (Dubal) is also in the process of choosing a financial adviser for the second phase development of the Taweelah plant.