The final solution came into place in May 2010. Half of the FLSmidth contract was financed with equity from the owners of the cement plant while the other half was financed with loans.
More than half of the debt financing came from the Danish export lending scheme administered by EKF, while the remainder was provided by a group of local banks. The EKF financing was arranged by HSBC London, who is also acting as agent bank on behalf of EKF.
EKF’s loan and guarantee meant that the construction of the cement plant in Jordan could go ahead as planned – with substantial deliveries from FLSmidth. The plant is expected to be ready for production start-up at the beginning of 2012.