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FINANCIAL NEWS
Zain-KSA receives USD600m loan from China
17 Aug 2016
(MENAFN) China is increasing lending in Saudi Arabia, boosting its foothold in the biggest Arab economy as growth slows in its home market.
Moreover, Mobile Telecom Co. Saudi Arabia, a unit of Kuwaiti Zain, received an USD600mn loan from Industrial and Commercial Bank of China Ltd. (ICBC).
Meanwhile, China is boosting lending in the world biggest oil exporting nation as the kingdom tries to bridge the widest budget deficit in more than 20 years.
In addition, ICBC also lent Saudi Elect Co. USD1.5bn in June to fund projects and provided USD950mn to the Saudi government.
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