Saudi Arabia seals $11bn syndicated bank loan
- Date: 14-Dec-2023
- Source: AGBI
- Sector:Financial Services
- Country:Saudi Arabia
Saudi Arabia seals $11bn syndicated bank loan
Saudi Arabia has concluded an $11 billion syndicated loan arranged from a group of lenders to help fund its vast infrastructure developments in what an adviser to the agreement describes as the largest government loan worldwide this year. The 10-year facility is also the biggest loan to any borrower in Europe, the Middle East and […]
Infrastructure loan worth $11bn
China’s ICBC lead arranger
Total projects worth $1.5trn
Saudi Arabia has concluded an $11 billion syndicated loan arranged from a group of lenders to help fund its vast infrastructure developments in what an adviser to the agreement describes as the largest government loan worldwide this year.
The 10-year facility is also the biggest loan to any borrower in Europe, the Middle East and Africa in 2023, according to the US law firm Milbank, which advised Industrial and Commercial Bank of China.
ICBC, the lead arranger, was one of 18 banks in the syndicate. Others include First Abu Dhabi Bank, Dubai’s Mashreq, Citigroup and HSBC. Chinese lenders committed around $5 billion.
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Saudi Arabia will use the money from the syndicated loan to help