SEC secures $567.5mln loan for electricity interconnection project with Egypt

PHOTO
Image used for illustrative purpose. The South Cairo Electricity Distribution Company and power station is pictured at the Imbaba area in Cairo, September 26, 2014. Amr Abdallah Dalsh, Reuters

Saudi Electricity Company (SEC) penned a facility agreement with Standard Chartered Bank and Sumitomo Mitsui Banking Corporation for $567.50 million.

The 14-year loan will be used to partially finance the Saudi - Egypt electricity interconnection project, according to a bourse filing on Thursday.

The facility will be guaranteed by the Swedish Export Credit Agency (EKN) and will be funded by the Swedish Export Credit Corporation (SEK).

In a separate statement, SEC announced signing an international syndicated facility agreement of $3 billion with 15 banks.

The five-year loan will be used in refinancing an existing international syndicated facility and financing general corporate purposes, including capital expenditure.

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Source:Mubasher