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Chinese bank extends $1.5 bln loan to Saudi power company

Xinhua, June 30, 2016 Adjust font size:

The Saudi Electricity Co. (SEC) signed an agreement on Wednesday with the Industrial and Commercial Bank of China (ICBC) for a loan of 1.5 billion U.S. dollars, Al Eqtisadiya online reported Thursday.

The five-year loan will fund the Saudi company's capital projects, the report said.

Earlier this month, the SEC signed a 900-million-dollar loan agreement with Export-Import Bank of Korea as well as other international lenders to finance the construction of the new Shuqaiq power plant. Endit