Mideast News: Saudi Arabia Red Sea Tourism Plan Near $3.7 Billion Green Loan - Bloomberg
Saudi Arabia could be weeks away from clinching the first significant funding package for a key part of Crown Prince Mohammed bin Salman’s program to diversify the kingdom’s economy.
The Red Sea Development Co.’s 14 billion-riyal ($3.7 billion) loan is set to close with a small group of local banks including Saudi National Bank, Banque Saudi Fransi, Riyad Bank and Saudi British Bank, according to people familiar with the matter.
The deal to help fund the first phase of the development will be a so-called green loan, with the proceeds used to finance environmentally sustainable investment, the people said, asking not to be identified as the information is private. It will have a tenor of 15 years and an interest rate of about 1% above the Saudi interbank offered rate, they said.
The Red Sea Development declined to comment. The company first started approaching banks for the loan in mid-2019.
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