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Saudi Arabia's SWCC signs $426.5 million-worth loan

Published 02/03/2020, 02:17 AM
Updated 02/03/2020, 02:21 AM
© Reuters.  Saudi Arabia's SWCC signs $426.5 million-worth loan

DUBAI (Reuters) - Saline Water Conversion Corp (SWCC), which operates desalinization plants and power stations in Saudi Arabia, has signed a 1.6 billion riyals ($426.54 million) financing agreement, it said on its Twitter account.

The "bridge" loan will finance projects to improve efficiency at desalination plants Jubail 1 and Khobar 2.

The company plans to double daily production from the plants and save 1.25 billion riyals a year on operating costs.

Banque Saudi Fransi (SE:1050) and Saudi British Bank (SE:1060) provided the facility, while HSBC Saudi Arabia worked as financial advisor.

The government debt management office advised SWCC on its financing options.

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