New loan deal for Saudi Electricity Company
The Saudi Electricity Company signed on Saturday a Loan Agreement to the amount of U.S. $ 500 million (equivalent to 1,875 million riyals) with the Bank of Tokyo-Mitsubishi. The aim of this loan is to finance a number of projects.
It comes also within the strategy of the company, which is keen to diversify its sources of funding. The new finance will help the company's investments which are aimed at keeping pace with the growing demand for energy as the growth rate is estimated between 7-8% per year.