Middle East project finance deals rise by 49% in 2013 led by SADARA
The value of credit loans provided to finance last year’s MENA region projects have exceeded USD 48.7bn with 49% raise compared to 2012, According to a report published by “Meed”.
Last year has witnessed a major shift in financing operations while 2012 was the worst performer over 7 years due to banks’reluctance for long term financing.
The year 2013 witnessed the largest financing in the history of the region, that was in favor of SADARA petrochemical company valued at USD 12.7bn, which appears to be an indication that major projects are coming to the area again after a slowdown occurred because of the global credit crisis.
The outlook of projects’ financing for 2014 is positive with expecting many deals in a number of sectors, these expectations come after the success in financing North Zour power plant in Kuwait.