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Japan Bank ready to fund UAE nuke projects |
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Middleeast News
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Wednesday, 11 November 2009 06:23 |
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Japan Bank for International Cooperation (JBIC), a government funding institution, said on Tuesday it will be ready to fund a nuclear reactor in the UAE
if a Japanese consortium wins the project.
JBIC will work with other Japanese banks to provide funding for such a project, its Dubai-based chief representative Moriyuki Aida told reporters on the sidelines of the MEED conference on the emirate of Abu Dhabi.
The UAE is planning a number of nuclear reactors to meet an expected additional demand of 40,000 megawatts of electricity by 2020 and is soon expected to award $40 billion worth of contracts.
Three Japanese firms Toshiba, Mitsubishi and Hitachi could be potential bidders of nuclear projects in the UAE.
Toshiba could do this through its subsidiary Westinghouse Electric, while Mitsubishi has a tie-up with French firm Areva and Hitachi has formed a partnership with General Electric to bid for potential business.
JBIC will fund any of these ventures winning the bid, Aida said, adding Japanese funds are likely to contribute.
“We would like to encourage Japanese banks to be co-financiers with us,” he said.
JBIC’s participation will not exceed 60 percent of the project’s debt portion, Aida said. - Maktoob
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