World Bulletin/News Desk
The U.S. Export-Import Bank said on Friday it authorized a $2 billion direct loan to Barakah One Co of the United Arab Emirates to purchase U.S. equipment and construction services to build one of the world's largest nuclear power plants.
The credit line is expected to support approximately 5,000 jobs across 17 U.S. states and has the support of the White House's National Security Council as well as the departments of State and Energy, Ex-Im Bank said.
"In addition to bolstering American jobs, Ex-Im Bank will make history by backing the construction of the first nuclear power plant on the Arabian peninsula," Fred Hochberg, president of the U.S. Ex-Im Bank, said in a statement.
Ex-Im said the loan is the largest in its history to the UAE and also represents the first new nuclear power plant it has helped finance since the late 1990s.
At the end of the 2011 budget year, Ex-Im had about $3.7 billion of credit exposure in the UAE.
Westinghouse Electric Co LLC, a Pittsburgh, Pa.-based group company of Toshiba Corp, is the largest exporter involved in the transaction and will provide the reactor coolant pumps, reactor components, controls, engineering services, and training, Ex-Im said.
"This work will create and sustain U.S. jobs in California, Connecticut, New Hampshire, Ohio, Pennsylvania, South Carolina, Texas and other states home to Westinghouse sub-suppliers. Within Westinghouse alone, the Barakah project will allow us to maintain about 600 U.S. jobs," Ric Perez, president and chief operating officer of Westinghouse, said in a statement.
Barakah One plans to erect four nuclear reactor power-generating units on a coastal strip approximately 220 kilometers (137 miles) from the city of Abu Dhabi.
Reactors supplied by the Korea Electric Power Corp will come online at one-year intervals beginning 2017 and produce 5,600 megawatts gross electricity.
The United States and UAE signed a civilian nuclear cooperation pact in 2009 and followed that a year later with a formal arrangement between the two countries' nuclear regulators.
The UAE also has entered into a number of treaties and conventions pertaining to the nuclear sector and has signed bilateral agreements on the same subject with South Korea, France, and Japan, among others, Ex-Im said.
Global economic trend does not augur well for developing countries: UN Conference on Trade and Development report
"We will look carefully at tax rulings issued by Luxembourg to GDF Suez," Vestager said in the Commission statement.
The Bank for International Settlements (BIS) -- dubbed the central bank of central banks -- said a gauge of Chinese debt had hit a record high in the first quarter of the year.
Civil claims involve bank's mortgage activities
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects.
May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.
A 2nd airport would put Rwanda on par with its regional peers, as more tourists flock to East Africa
Country GDP shrank by 2.06 percent in second quarter of 2016
Afghan traders worried fruit exports are rotting after two-week border closure
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)