Saudi power utility SEC has signed a $1.5bn five-year “direct commercial financing” agreement with the Industrial and Commercial Bank of China (ICBC) to help finance the company’s large and growing capacity expansion program.
The new loan takes to $33.2bn the funding SEC has raised since it first tapped international finance markets in 2007 to boost its capital budget. Of this $20bn, 60% of the total, comes from the international finance market, with an unprecedented $13.2bn soft loan coming from the Saudi Ministry of Finance in 2014 in addition to government’s regular long term backing (MEES, 17 July 2015). (CONTINUED - 790 WORDS)
