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Chinese bank extends $1.5b loan to Saudi Power Company

byCT Report
01/07/2016
in Latest News
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RIYADH: The Saudi Electricity Co (SEC) signed an agreement on Wednesday with the Industrial and Commercial Bank of China (ICBC) for a loan of $1.5 billion, Al Eqtisadiya online reported Thursday.

The five-year loan will fund the Saudi company’s capital projects, the report said. Earlier this month, the SEC signed a 900-million-dollar loan agreement with Export-Import Bank of Korea as well as other international lenders to finance the construction of the new Shuqaiq power plant.

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