Saudi Arabia’s Cabinet has approved a 51 billion riyal ($13.6 billion) interest free loan to the Saudi Electricity Co. to help it cover its projected fiscal deficit and complete projects through 2012.
Information and Culture Minister Abdel-Aziz Khoga said Monday the 25-year loan is aimed at helping the state-run company meet deadlines to boost power generation capacity in the energy rich kingdom.
Saudi Arabia plans to invest about $80 billion in its power generation sector in the next decade to cope with domestic demand that is increasing at about eight percent yearly.
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