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

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