Saudi Electricity Co says signs SAR5 billion financing for projects

September 19, 2016 10:30 am

Saudi Electricity Co. (SEC) has signed a 5 billion riyal ($1.33 billion) murabaha-structured Islamic financing to help support its projects, the firm said in a bourse filing on Monday.


The facility – a cost-plus-profit agreement which is compliant with Islamic financing principles – lasts for seven years and was supplied by three local banks: Banque Saudi Fransi, National Commercial Bank and Samba Financial Group.


By Reuters
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