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28-04-14

APICORP closes USD267 m facility

(MENAFN) Arab Petroleum Investments Corporation (APICORP), the multilateral development bank of the 10-member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), has recently closed a USD267 million worth bilateral Shariah-compliant facility from a Saudi major Islamic bank, according to Arab News. The facility aims to boost the medium-term funding of APICORP, and extends over five years. Ahmad bin Hamad Al-Nuaimi, CEO and general manager of APICORP, said: "This loan reiterates APICORP"s track record as a benchmark institution to deal with the banking community."