Royal Caribbean Cruises has secured loan commitments of $1bn needed to pay for the building of the Oasis of the Seas, covering 80% of the ship’s construction cost.

Finnish Export Credit, a unit of Finnvera, will provide funding for 40% while BNP Paribas, Nordea Bank and SEB will each provide 20%.

The funding follows uncertainty over the project’s completion due to the current economic climate.

When built, the Oasis will become the world’s largest cruise ship with a capacity of 5,400 passengers and 2,165 crew.

By staff writer