The Export-Import Bank of the US has approved a $192 million long-term loan guarantee to support construction of the 825-megawatt Skikda Power Project in the Algerian coastal city of Skikda.
SNC Lavalin Constructors is exporting General Electric gas-fired turbines and providing engineering services for the project. The borrower is Shariket Kahraba Skikda (SKS), a special-purpose corporation formed, to develop the project, by two Algerian state-owned energy companies, Sonatrach and Sonelgaz, which are providing guarantees to Ex-Im Bank. Societe Generale of New York, the lender, received a 12-year guarantee from Ex-Im Bank.
"Algeria is a growing and important market for Ex-Im Bank, and we look forward to doing more business there," said Ex-Im Bank's chairman, Philip Merrill. Ex-Im Bank has supported many Sonatrach financing requests during the last 30 years. Currently, the bank has more than $840 million in exposure in Algeria. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
