Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank of the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), announced it has successfully closed a three-year SR2.5bn ($667m) syndicated Shari'ah- compliant facility from four leading Saudi Arabian banks on competitive market terms.
The facility, which is Apicorp's debut syndicated Shari'ah-compliant financing, is aimed at retaining and increasing its medium term funding. The government of Qatar has a 10% stake in Apicorp.
Leading Saudi banks Riyad Bank, Al Rajhi Bank, Banque Saudi Fransi and The Saudi British Bank act as the Mandated Lead Arrangers for the facility, while Riyad Bank will perform the role of Murabaha Facility Agent. The term financing was oversubscribed by the Mandated Lead Arrangers.
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