Al Rajhi Bank, the largest Islamic lender in the world, has raised a $1.92 billion sustainability-linked Islamic syndicated loan, Bloomberg reported, citing sources familiar with the matter,

The three-year Sharia-compliant facility attracted nearly 20 lenders, including Emirates NBD Bank, HSBC Holdings and Maybank Investment Bank Bhd., the report said. 

The financing, which is split into a $1.2 billion tranche and a $705 million portion, will be used for general corporate purposes, the report said.

The deal is considered to be the largest financing from a Middle Eastern bank so far this year, the news agency said.

 Bloomberg Intelligence estimates local lenders may need to raise $10 to $15 billion annually in new debt through 2028 to support the country’s growing investments.  

(Editing by Seban Scaria seban.scaria@lseg.com)