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Emal face higher rates for smelter expansion loans
- United Arab Emirates: Thursday, September 06 - 2012 at 12:28
Emirates Aluminium (Emal) will have to pay much higher rates to borrow money from banks to help finance a $4 billion smelter expansion due to the impact of the euro zone crisis on infrastructure lending in the Middle East. The company will also invite banks to pitch for a bond mandate at the end of September, banking sources said. The second phase of the expansion will boost Emal's production by approximately 1.3 million metric tonnes by 2014.
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