Dubai, UAE – 12 June, 2013 – Standard Chartered has been named “Best Project Finance House in the Middle East” at the Euromoney Awards for Excellence 2013. The award reiterates Standard Chartered's role in supporting the economic development of the Middle East by extending innovative project finance solutions.
The regional project finance market is expected to expand by nearly 15 per cent to reach USD 40 billion during 2013.
Standard Chartered has been recognized for its breadth of ability and innovation in both the types of projects being financed and the different types of instruments used to finance them. The award also considered the volume and number of deals undertaken during the period, as well as innovations the bank has brought to the market in tenor, industry sectors, funding structures, and cross-border deals.
Ravi Suri, Head, Project and Export Finance in India, Africa and MENA, Standard Chartered, said:
“The region's investments in a wide array of projects will continue to be a key factor in the sustained growth of lending. Power and desalination will account for a huge percentage of project finance loans, while transport, petrochemicals, infrastructure and renewables are also expected to make significant contributions. We have developed innovative project finance instruments that allow us to proactively support a much broader range of these projects in the Middle East. Moreover, Standard Chartered's global experience, strong on-the-ground presence and deep local market insights give us a distinct competitive edge to provide financing structures that deliver premium value to our customers in the region. The ‘Best Project Finance House in the Middle East' award certainly validates our long-term approach to the region and our commitment to supporting the development of vital projects across the Middle East.”.”
The Euromoney Awards for Excellence are considered to be the definitive awards for global financial services. The receipt of an award recognizes a bank's ability to consistently provide innovative solutions to clients.