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30-06-14

Saudi Mobily signs USD200m financing agreement with EDC

(MENAFN) Saudi Mobily has signed a USD200 million vendor financing agreement with Canada export credit agency or Export Development Canada (EDC) with no corporate guarantee, according to Arab News. The purpose of the Shariah-compliant financing is to acquire telecommunications equipment from Alcatel-Lucent to upgrade/enhance the network. The loan will be repaid in 17 semi-annual equal installments, and has been priced at a fixed rate of 2.52 percent per annum with a 3 percent upfront premium.