Emergency $14bn interest-free loan for SEC
Saudi Arabian government loan for urgent power projects in Kingdom
A $14 billion government loan to the Saudi Electric Company (SEC) has been approved by the Kingdom’s Council of Ministers, in order for it to complete emergency generation projects in the next two years.
Saudi Arabia’s cabinet has approved the 25-year interest-free loan as the SEC attempts to implement urgent electricity projects in 2011 and 2012, in a meeting chaired by the Custodian of the Two Holy Mosques, King Abdullah.
The news comes shortly after the Saudi Arabian government announced it would need to spend $88 billion on infrastructure over the next 10 years, in an attempt to counter a rise in electricity demand of between seven and eight per cent a year.