Sharjah utility raises $500m loan for expansion

Dubai: Sharjah Electricity & Water Authority (Sewa) has raised a $500 million (Dh1.8 billion) syndicated Islamic loan which will be used to fund its infrastructure and expansion plans in the emirate. The new five-year facility was structured and arranged by Kuwait Finance House and GIB Capital. They were joined by Gulf International Bank, ABC Islamic Bank, Sharjah Islamic Bank and Barwa Bank as mandated lead arrangers, Kuwait Finance House said in a statement. The transaction is guaranteed by the Government of Sharjah.