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APICORP says signs $950 mln Islamic loan to fund investments

  • 22 March, 2015

DUBAI, March 22 (Reuters) - Arab Petroleum Investments Corp APICO.UL (APICORP) has signed a two-part sharia-compliant facility worth $950 million that it will use to finance investments in regional energy projects, it said in a statement on Sunday.

The bulk of the financing consisted of a 3 billion Saudi riyal ($800 million) Islamic loan of five years duration that was provided by five Saudi banks: Banque Saudi Fransi 1050.SE , National Commercial Bank 1180.SE , Riyad Bank 1010.SE , Samba Financial Group 1090.SE and Saudi British Bank 1060.SE .

The remainder was provided on a three year basis by First Gulf Bank FGB.AD , HSBC HSBA.L and National Bank of Abu Dhabi NBAD.AD , the statement added.

($1 = 3.7494 riyals)

(Reporting by David French; Editing by Olzhas Auyezov) ((davidj.french@thomsonreuters.com; +971 4 362 5864; Reuters Messaging: davidj.french.thomsonreuters.com@reuters.net))

Keywords: APICORP LOANS/