Skip Ribbon Commands
Skip to main content

ABC closes US$475 million multi-tranche loan facilities for Jordan’s Disi Water Company (DIWACO)

Manama, Bahrain: Arab Banking Corporation (ABC) is pleased to announce the successful close of the US$475 million twenty-one year financing for Amman-based Disi Water Company (DIWACO). ABC acted as financial advisor to obtain facilities provided by a funding consortium comprising Overseas Private Investment Corporation from the United States, French lenders Proparco and Agence Française de Développement and the European Investment Bank.

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. The total project cost is estimated to be over US$1 billion. 

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. ABC provided pre and post bid financial advisory services to Gama Enerji who was awarded the concession following a competitive bidding process which commenced in 2006. Under the Build Operate Transfer 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 over a period of 25 years.

About the parties involved

Arab Banking Corporation, known as ABC, is an international universal bank headquartered in Manama, Kingdom of Bahrain, with 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. 
The Overseas Private Investment Corporation (OPIC) was established as an agency of the U.S. government in 1971. OPIC helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, and complements the private sector in managing risks associated with foreign direct investment, primarily by offering political risk insurance, investment guaranties, and direct loans.

AFD is the Groupe Agence Française de Développement, a bi-lateral development finance institution established in 1941 works on behalf of the French government. Its mission is to finance development according to France’s Overseas Development Assistance policies. In 2007, AFD committed over €3.5 billion to more than 60 developing countries in Africa, Asia, the Mediterranean Basin, the Middle East, South America, and the French Overseas Territories.

Proparco is the Investment and Promotions Company for Economic Cooperation. Created in 1977, Proparco is a Development Financial Institution partly held by Agence Française de Développement (AFD) and private shareholders from the North and South. Proparco’s mission is to be a catalyst for private investment in developing countries which targets growth, sustainable development and reaching the Millennium Development Goals (MDGs).

The European Investment Bank was created by the Treaty of Rome in 1958 as the long-term lending bank of the European Union. The task of the Bank is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. The EIB raises substantial volumes of funds on the capital markets which it lends on favourable terms to projects furthering EU policy objectives.

– End –


Bank ABC’s 2023 AGM approves US$46 million dividend on back of robust revenues and solid strategic progress
Bank ABC arranges landmark US$600 million Sukuk issuance for Air Lease Corporation (ALC)
2023 Annual General Meeting