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Saudi Electricity gets $1.5bn financing from China’s ICBC

Saudi Electricity gets $1.5bn financing from China’s ICBC

The five-year funding will be used to fund part of SEC’s capital projects

State-controlled utility Saudi Electricity Co (SEC) has obtained $1.5bn in financing from Industrial and Commercial Bank of China, SEC said on Thursday.

The five-year “direct commercial funding agreement” was signed on June 29 and will be used to fund part of SEC’s capital projects.

The funding was extended without SEC providing any guarantees, the company said without elaborating.

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