Saudi Electricity signs SAR 49.4 billion loan deal with finance ministry

19/06/2014 Argaam

Saudi Electricity (SE) signed an interest-free SAR 49.4 billion loan agreement with Saudi finance ministry to finance a full-fledged expansion drive across the kingdom.

The ministry will pay the principal amount of the loan to the company in installments over five years, after which a ten-year grace period will start, SE said in a filing on Tadawul.

SE will pay back the loan in yearly installments of SAR 4.94 billion each, over ten years, which brings the total tenure to 25 years.

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