Saudi Arabian mining firm Maaden has brought in more than a dozen financial institutions to fund the second phase of its US$10.8bn aluminium joint venture with metals multinational Alcoa.

In total, 13 institutions, including export credit agency Export Development Canada, are providing US$991.5mn in a mix of conventional and Islamic funding.

National Commercial Bank, Riyadh Bank, Saudi French Bank, Al Rajhi Bank, Samba financial group, Al Inma Bank, Arab National Bank, Saudi British Bank, Bank AlJazira, Saudi Hollandi Bank, Saudi Investment Bank and Emirates Bank also joined the deal.

“The support of the banks and institutions demonstrates their firm confidence in the capacity of the project partners to successfully deliver this landmark project on time and within budget,” says Khalid Al-Mudaifer, president and chief executive officer at Maaden.

“The agreements signed today represent significant progress in the development of Maaden as a major new industrial presence in Saudi Arabia, creating jobs, regional development and providing the basis for the establishment of new downstream industries in the kingdom.”

The Maaden Bauxite and Alumina Company is 74.9% owned by Maaden and the rest is Alcoa-owned.

The company consists of a bauxite mine and alumina refinery which will pump out 1.8 million tonnes of refined alumina and 4 million tonnes of bauxite a year once the complex comes online in 2014.

The funding for the second phase of funding for the complex was provided mainly by Saudi Arabia’s public investment fund, industrial development fund, financial institutions and commercial banks.

Maaden and Alcoa will fund the remaining US$1.43bn of the second phase.