Arab Banking Corporation (ABC), a Bahrain-based international bank, said it has successfully closed a $475 million financing deal for Amman-based Disi Water Company (Diwco) to fund a wellfield and water pipeline project.

Diwaco is fully owned by Gama Enerji AS, a Turkish energy and water sector infrastructure holding and development platform incorporating an in-house project development and construction management capability.

The facilities will be used to finance the construction of a wellfield and a 325km pipeline conveyance system linking an aquifer in the south of the country at Disi Mudawarra with the Greater Amman area, said an official.

Under the Build Operate Transfer (BOT) structure of the deal, governed by a Project Agreement with the Ministry of Water and Irrigation, Diwaco will build the project over a forecast construction period of four years and then operate the project for 25 years.

The total project cost is estimated to be over $1 billion, according to ABC, which acted as financial advisor to obtain facilities provided by a funding consortium.

The members include Overseas Private Investment Corporation (Opic) from the United States, French lenders Proparco and Agence Française de Développement and the European Investment Bank.

ABC provided pre and post bid financial advisory services to Gama Enerji which was awarded the concession following a competitive bidding process which commenced in 2006.

An international universal bank headquartered in Manama, ABC has a network spread across 21 countries in the Mena, Europe, the Americas and Asia.

ABC, founded in 1980, is listed on the Bahrain stock exchange and its major shareholders are the Kuwait Investment Authority, Central Bank of Libya and Abu Dhabi Investment Authority.-TradeArabia News Service