US bank authorises loan to Barakah One for nuclear build

The Export-Import Bank of the US has authorised a $2bn (£1.2bn) direct loan to United Arab Emirates company Barakah One to underwrite the export of US equipment and service expertise for the build of a nuclear power plant in Abu Dhabi.

The transaction will finance the construction of the first nuclear power plant on the Arabian Peninsula, and, once complete, one of the largest in the world.