Saudi Arabia's SWCC signs $426.5 million-worth loan

DUBAI (Reuters) - Saline Water Conversion Corp (SWCC), which operates desalinization plants and power stations in Saudi Arabia, has signed a 1.6 billion riyals ($426.54 million) financing agreement, it said on its Twitter account.

The "bridge" loan will finance projects to improve efficiency at desalination plants Jubail 1 and Khobar 2.

The company plans to double daily production from the plants and save 1.25 billion riyals a year on operating costs.

Banque Saudi Fransi <1050.SE> and Saudi British Bank <1060.SE> provided the facility, while HSBC Saudi Arabia worked as financial advisor.

The government debt management office advised SWCC on its financing options.

(Reporting by Yousef Saba, editing by Davide Barbuscia)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• High school students in Paris' deprived suburbs spark national protest movement
• US appeals court blocks Minnesota law barring 'nudified' photos in XAI lawsuit
• Lawyer demands 'accountability' after ex-deputy who shot Black airman is acquitted