(MENAFN) Saudi Electricity Company (SEC) was confirmed to have finally inked with eight foreign banks a revolving credit facility deal, at a value of USD2.15 billion.
The first tranche of the facility is to be implemented with as much as USD1.578 billion, while the second is to be executed with up to USD573 million.
''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," added SEC acting chief executive officer Fahd Al-Sudairy.
"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 acting CEO added.
The international banks were unveiled to be including 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.