Saudi Arabia expands $10 bln loan refinancing to $16 bln

03/03/2018 Argaam

 

Saudi Arabia is expanding the refinancing of a $10 billion international loan to raise $16 billion, the Debt Management Office (DMO) said in statement on Friday.

 

An Islamic tranche will be included so that the Kingdom would meet the high international demand for its sharia-compliant finance, it said.

 

The Kingdom had raised the original $10 billion loan from 14 core banks in 2016, in addition to other financial institutions, which were all keen to take part in the deal, the DMO said.

 

DMO is currently finalizing the documents related to the refinancing, which is expected to be complete by mid-March.

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