Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) on Wednesday announced securing a five-year shariah compliant syndicated facility at a value of SAR 1.5 billion ($400 million) from four Saudi banks.
The list of banks comprised Banque Saudi Fransi (BSF), Riyad Bank, the Saudi British Bank (SABB), and Samba Financial Group, according to a statement.
HSBC Saudi Arabia acted as the facility’s lead arranger on behalf of APICORP, the statement added.
APICORP further indicated that the loan will be allocated for financing various business purposes, capped by expanding the firm’s portfolio in regional energy projects.
“There is a strong appetite among lenders to provide financing to APICORP, which is a testament to our robust balance sheet, excellent track record and overall creditworthiness,” Hesham Farid, managing director, treasury and capital Markets official at APICORP, stated.
