Standard Chartered Bank announced $566.4 million in financing, in cooperation with the Sumitomo Mitsui Banking Corporation, for Saudi Electricity Company (SEC) to facilitate a Saudi-Egypt electricity interconnection project.
The 14-year financing will be guaranteed by the Swedish Export Credit Agency (EKN) and funded by the Swedish Export Credit Corporation (SEK). The landmark facility is structured on the Islamic concept of Commodity Murabaha.
