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Nord Stream Gets €2.5B Loan For Pipeline
Nord Stream, which is constructing an underwater gas pipeline from Russia to Germany through the Baltic Sea, has secured a €2.5 billion loan for the second stage of the project.
Nord Stream, which is constructing an underwater gas pipeline from Russia to Germany through the Baltic Sea, has secured a €2.5 billion loan for the second stage of the project,The Wall Street Journalreports. A consortium of 24 financial institutions, includingBarclays Bank,BNP Paribas,ING Groep,Credit SuisseandNatixis, is providing the financing, addsBloomberg.
The commercial tranche is for €750 million, while the other €1.75 billion is covered by trade-credit insurerEuler Hermes, Italy’sSACEexport credit agency and Germany’s UFK government loan guarantee program. The Nord Stream pipeline is expected to cost about €7.4 billion and will be financed with 70% external funding and 30% equity capital.
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