Middle East Economic Survey

VOL. LII

No 26

29-Jun-2009

SAUDI ARABIA

Saudi Electricity Company Secures Loan From Exim, EDC

The Saudi Electricity Company (SEC) has received a SR4.1bn ($1.09bn) loan from the Export-Import Bank of the US (Exim) and Export Development Canada (EDC). Exim is providing $912mn with the remainder coming from EDC. The loan, which carries a 12-year tenor, will fund the purchase of 23 gas turbines, which each have the capacity to generate 2.9mw of power, from GE Energy. This is...