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SEWA raises $500mn loan to fund projects

Sharjah utility secures syndicated Islamic loan arranged by Kuwait Finance House.

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SEWA, Sharjah, News

Sharjah Electricity & Water Authority (SEWA) has raised a $500mn 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, Reuters reported.

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.

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