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Saudi SEC Signs Agreement With International Banks Worth More Than SR 8 Billion

Riyadh, Saudi Electricity Company (SEC) today signed a revolving credit facility agreement with eight international banks with a maximum of US $ 2,15 billion (equivalent to SR 8.06 billion), divided into two tranches: the first with a maximum of US $ 1,578 million (Equivalent to SR 5,918 million", mature after three years, and the second with maximum of US $ 573 million (equivalent to SR 2,149 million), mature after five years.

The SEC Acting Chief Executive Officer Fahd Al-Sudairy said ''Saudi Electricity Company is the largest electricity service facility in the Middle East and North Africa region and one of the world's largest service facilities. It has managed to obtain funding without any guarantees from the company, stressing that the funding aims to spend on the company's public works''.

The major international banks include Abu Dhabi First Bank, Mizuho Bank, MUFG Bank, Standard Chartered Bank, Mitsui Sumitomo foundation, HSBC Bank - Middle East, Hong Kong and Shanghai Banking Corporation Limited, JPMorgan Chase, and Natixis Bank.

Source: Saudi Press Agency

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