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FINANCIAL NEWS
Saudi SEC signs USD13.17b loan
20 Jun 2014
(MENAFN) State-owned power utility Saudi Electricity Co. (SEC) has recently signed an interest-free loan worth USD13.17 billion with the Saudi Ministry of Finance, according to Arab News.
Riyadh’s bourse said that the loan has a lifespan of 15 years but there is a grace period of ten years before repayments begin.
SEC has been granted a soft loan in a royal decree in March to be able to fund power generation projects.
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