Ali Saleh al-Barrak, Saudi Electricity’s chief executive informed that the loan would be utilised to buy 23 gas turbines from GE Energy. The turbines would generate 2.9 megawatts.
Ali Saleh, said: This is the first direct loan to Saudi Electricity from the two banks.
A loan of $912m would be released from Eximbank and the remaining from Canada’s EDC.
Local banks have done more than enough, they have also financed projects (involving Saudi Electricity). The field is open to local banks. The international financing gives greater depth and confidence to the company when it seeks financing from international banks, Barrak told reporters.
The Canadian agencies and the US officials said that the agreement, both in Canada and the US at GE-owned plants, would support 29,000 jobs.
Bijan Kian, Eximbank board member informed Reuters that It was GE that resorted to us.
