Saudi sparks life into local loan mart
Saudi Arabia's Saline Water Conversion Corp (SWCC) signed a $426.5m-equivalent loan with a consortium of local lenders. The deal comes after a disappointing year for international lenders, who were dismayed at the lower than expected volumes of Saudi Arabian activity.
The bridge financing agreement is SAR1.6bn, equivalent to $426.5m. Proceeds will be used to enhance efficiency at existing water desalination plants; Jubail 1 and Khobar 2. Funds will allow state-owned SWCC to incorporate new reverse osmosis techniques in the plants, replacing existing thermal technologies.Banque Saudi Fransi and Saudi ...
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