House says ‘yea’ to more Khaleeji money: A multi-bn USD bank loan agreed between the government and a syndicate of international banks led by Emirates NBD and First Abu Dhabi Bank earned approval by the House of Representatives yesterday, according to Al Mal.

We’re still not totally sure how much the government is borrowing: We were initially under the impression that the government was looking to repeat the USD 2 bn loan it borrowed from the banks last year, but sources told Reuters last week that high demand among lenders had pushed the value of the transaction to USD 3 bn.

What we do know: The facility will be split between a conventional tranche that will be used to fund green projects and a Sharia-compliant portion.

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