APICORP inks SAR 1.5 bln Islamic loan with Saudi banks

Arab Petroleum Investments Corp (APICORP) has signed a Sharia-compliant syndicated loan agreement worth SAR 1.5 billion ($400 million) with four Saudi-listed banks, the company said in a statement on Wednesday.

The five-year Islamic facility was provided by Banque Saudi Fransi, Riyad Bank, Saudi British Bank (SABB) and Samba Financial Group.

HSBC Saudi Arabia worked as the lead arranger for the deal.

APICORP will use the loan for general corporate purposes, including expanding its portfolio of equity investments in regional energy projects, the statement added. 

APICORP, a multilateral development bank focused on energy investments, is owned by the ten Arab oil exporting countries.