Saudi Electricity Gets $13.17 Billion Interest-Free State Loan

Saudi Electricity Co. (SECO), the state-owned utility, received a 49.4 billion-riyal interest-free loan ($13.17 billion) from the government today, according to a statement to the Saudi stock exchange that cites a royal decree.

The company will sign the loan agreement with the Finance Ministry to fund electricity projects, according to the statement.

Saudi Electricity’s Chief Executive Officer Ziad al-Shiha said in February the company plans to spend 30 billion riyals to increase electricity production capacity with new projects this year.

To contact the reporter on this story: Deema Almashabi in Riyadh at dalmashabi@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net Caroline Alexander, Robert Lakin

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