RIYADH — The Saudi Electricity Company (SEC) on Wednesday signed a joint financing agreement with six local banks for a maximum amount of SR15.2 billion. “This medium-term financing without guarantees is for a period of seven years with a grace period of two years,” the company said in a statement carried by the Saudi Press Agency after signing the agreement at SEC headquarters in Riyadh.

The SEC Acting CEO Fahd Al-Sudairy said this financing would contribute to the payment of some of the financial obligations of the company and enhance the reliability of its services. It will also be instrumental significantly to improving the operational efficiency through pumping capital investments in line with the growing demand for electricity in all residential, industrial and governmental sectors,” he said.

Al-Sudairy emphasized that this financing represents a major boost to SEC’s funding plan for 2019, and will enhance the company’s core expenses and funding for network connectivity and service reliability. SEC is the largest electricity service facility in the Middle East and North Africa region and one of the world’s largest public utilities. — SG/SPA