U.A.E. Nuclear Program Gets $2 Billion Loan From U.S. Exim Bank

Emirates Nuclear Energy Corp., the state-owned company developing an atomic power plant in the United Arab Emirates, received a $2 billion loan from the U.S. Export-Import Bank.

The loan to the Barakah One Co., a unit of Emirates Nuclear, will pay for American products and services used in the construction of four 1,400 megawatt reactors, according to a statement from the government-run bank. Westinghouse Electric Corp., based in Pittsburgh, will supply some of the equipment for the facilities, the bank said.

The first of the plant’s four reactors will be ready in 2017, with each additional unit becoming operational every year through 2020, according to Emirates Nuclear.

The U.A.E., the sixth-largest producer in the Organization of Petroleum Exporting Countries, is developing nuclear power to meet rising electricity demand from its growing population and diversifying industries.

Bloomberg