Buyer's Credit for State-owned Saudi Arabian Power Company
First loan for the Saudi Arabian power sector
- Area: The Middle East
JBIC signed a buyer’s credit (export loan) agreement with the state-owned Saudi Electricity Company (SEC), which operates integral power generation, transmission and distribution services, to finance SEC’s purchase of steam turbines, boilers and other power generation equipment and machinery from Mitsubishi Heavy Industries, Ltd., for the supercritical pressure thermal power station it plans to build. This is JBIC’s first loan to SEC and the power sector in Saudi Arabia. The loan will increase business opportunities for Japanese companies with high technological capabilities in this sector, and this, in turn, will contribute to maintaining and strengthening the international competitiveness of Japanese industries.