7th Oct 2014 06:16
LONDON (Alliance News) - Carillion PLC Tuesday said the British government has announced that it will be the first company to benefit from a new facility designed to boost UK exports, and it has secured a GBP75 million deal with the support of the scheme to deliver some of the Dubai World Trade Centre District development.
The British government has launched the Direct Lending Facility, which is being provided by UK Export Finance to boost UK exports. The Treasury has made GBP3 billion available to support export finance under the scheme. UK Export Finance provides the funding at the Commercial Interest Reference Rate through partner banks which arrange the loans.
Carillion said its deal to deliver phase 1 of the Dubai World Trade Centre District development used UK Export Finance's new lending facility, with the loan arranged by Deutsche Bank.
The contract involves the construction of a 146,000 square metre development between the current Dubai International Convention and Exhibition Centre and Emirates Towers in the city's Central Business District. It will include an eight storey office building and a 588-room business and tourism hotel.
"It is great to see successful companies like Carillion winning contracts around the world. This deal, the first in a pipeline of many will help us reverse the age old trend of not exporting enough, boosting growth and creating jobs," Carillion quoted UK Chancellor of the Exchequer George Osborne saying in its statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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