Saudi company for electricity borrows one billion dollars

The Saudi Company For Electricity said that it signed on Monday a loan contract at a value of 3.5 billion Saudi riyals ( approximately one billion dollars) with Saudi and Gulf banks in order to finance capital spending.

The company said it also signed agreements with a Saudi company for electric services at a value of 737 million Saudi Riyals in order to install a grid line between the eastern and central areas in Saudi Arabia in order to meet the increasing demands for electricity in the center of the country.

The company signed the loan agreement with the Saudi-French bank, the Financial Samba group, the commercial national bank, the National Arab bank, the International Gulf bank, the Saudi- Dutch Bank, the Saudi- British bank, the Bahrain Arab Bank; the Bank of Bahrain and Kuwait and the National Bank of Bahrain.