TABUK — The Red Sea Development Company (TRSDC), the developer behind the world’s most ambitious regenerative tourism project, announced Tuesday that it has closed a SR14.120 billion ($3.76 billion) term loan facility and revolving credit facility with four Saudi banks.

TRSDC CEO John Pagano said, "Green Financing accreditation was awarded due to TRSDC’s market leading approach to social and environmental sustainability and the Red Sea Project’s international recognition as a green project.

“The financing is the first riyal-denominated credit facility to receive Green Financing accreditation."

He added, "The scale of this project is unmatched anywhere in the world and we are setting new standards in regenerative tourism at every turn.

“By applying a unique approach to design, utilizing more sustainable methods of construction and using groundbreaking technology, we are not only reducing our impact on the environment but helping to deliver on our commitment to achieve a 30 percent net conservation benefit by 2040.

“It is this pioneering approach that has helped us secure the first ever Riyal-denominated Green Finance credit facility."

Jay Rosen, chief financial officer at TRSDC, said, “This is another milestone for the Red Sea Project and Vision 2030, and we are pleased to have secured our debt financing and capital commitment for our initial phase.

This financing adds another level of credibility by having the banks support the project. With a fully secured capital structure our project will become more attractive to investors.” — SPA