March 6, 2019 / 8:54 AM / 4 months ago

CORRECTED-APICORP signs 1.5 bln riyals Islamic loan provided by Saudi banks

(In March 6 story, corrects ownership description in paragraph 2)

DUBAI, March 6 (Reuters) - Development bank Arab Petroleum Investments Corp (APICORP) said on Wednesday it had signed a 1.5 billion riyals sharia-compliant syndicated financing facility.

Owned by the member states of the Organization of Arab Petroleum Exporting Countries, APICORP’s mandate is to promote the development of the Middle East energy industry.

The five-year Islamic loan was provided by a group of Saudi banks comprising Banque Saudi Fransi, Riyad Bank , Saudi British Bank and Samba Financial Group. HSBC Saudi Arabia worked as the lead arranger for the deal.

APICORP will use the loan for general corporate purposes, including expanding its portfolio of equity investments in regional energy projects, it said. (Reporting by Davide Barbuscia; Editing by Catherine Evans)

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