Riyadh - Sharikat Mubasher: Saudi Electricity Company (SEC) signed a financing agreement worth $3 billion with four Saudi and GCC banks during the seventh edition of the Future Investment Initiative Forum (FII7), according to a statement by SEC.
The syndicated facility agreement was signed between SEC and Dubai Islamic Bank, Kuwait Finance House, Mashreq Bank, and Saudi National Bank (SNB).
The financing, which is considered the largest in 2023, aims to establish mega projects in various fields, such as: electrical interconnection, smart grids, and infrastructure in modern technologies.
The financing deal reflects the trust in the asset base owned by SEC and its high credit rating that is linked to the sovereign credit rating of the Kingdom.
