The UK’s export credit agency UK Export Finance (UKEF) is providing £1.7bn in backing for a monorail project in Egypt, the largest amount it has ever provided for an overseas infrastructure project.
UKEF’s support takes the form of a buyer credit guarantee on a €1.89bn loan facility, including financed ECA premium, for a €2.7bn contract supplied by Bombardier Transportation UK. The facility is administered by a syndication of banks, led by JP Morgan as the initial mandated lead arranger and facility agent. The other banks in the syndicate are CaixaBank, Crédit Agricole, Credit Suisse, KfW Ipex-Bank, NatWest, Société Générale and UBS.