IPIC secures US$5 billion in funding
Abu Dhabi investment arm signs agreement with banks for $5bn war-chest
The Abu Dhabi sovereign wealth find, International Petroleum Investment Company (IPIC), has announced that it has successfully completed a US$5 billion fund-raising exercise.
IPIC, who are responsible for making investments in the hydrocarbons industry for the Abu Dhabi government said that the Bank of Tokyo-Mitsubishi, HSBC Bank Middle East and Banco Santander have been appointed as co-ordinators to jointly arrange syndicated term loan facilities to support financing requirements.
The initial figure IPIC asked for was $6.4 billion, but this has been reduced to $5 billion.