Saudi Electricity Co. (SEC) will sign on Monday a SAR 5 billion syndicated Murabaha loan with Samba Financial Group (SAMBA), National Commercial Bank (NCB), and Banque Saudi Fransi (BSF), the state-owned utility said in a statement.
The unsecured loan, which will have tenure of seven years, will be used to finance the company’s projects. SEC added that any further updates will be disclosed later on.
In June, SEC had secured a five-year $1.5 billion loan from Industrial and Commercial Bank of China (ICBC), Argaam earlier reported.
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