Saudi APICORP signs USD950m loan to fund investments

22 Mar 2015

(MENAFN) Arab Petroleum Investments Corp (APICORP) signed a two-part sharia-compliant facility worth USD950 million to finance investments in regional energy projects, Reuters reported.

The bulk of the financing consisted of a USD800 million Islamic loan of five years duration that was provided by five Saudi banks: Banque Saudi Fransi, National Commercial Bank and Riyad Bank.

The other two banks are Samba Financial Group and Saudi British Bank. The remainder was provided on a three year basis by First Gulf Bank, HSBC and National Bank of Abu Dhabi, the statement added.

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