Saudi Electricity gets $1.5 billion financing from China’s ICBC

June 30, 2016 12:30 pm

State-controlled utility Saudi Electricity Co (SEC) has obtained $1.5 billion in financing from Industrial and Commercial Bank of China , SEC said on Thursday.


The five-year “direct commercial funding agreement” was signed on June 29 and will be used to fund part of SEC’s capital projects.


The funding was extended without SEC providing any guarantees, the company said without elaborating.

By Reuters
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