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20-06-14

Saudi SEC signs USD13.17b loan

(MENAFN) State-owned power utility Saudi Electricity Co. (SEC) has recently signed an interest-free loan worth USD13.17 billion with the Saudi Ministry of Finance, according to Arab News. Riyadh's bourse said that the loan has a lifespan of 15 years but there is a grace period of ten years before repayments begin. SEC has been granted a soft loan in a royal decree in March to be able to fund power generation projects.