Arab News, Thursday, Jan 20, 2022 | Jamada Al-Aakhirah 17, 1443
TRSDC closes financing for $3.76bn loan from four Saudi banks
Saudi Arabia: Saudi Arabia's The Red
Sea Development Co., or TRSDC, announced the financial closure of a SR14.12
billion ($3.76 billion) loan with four Saudi banks.
The financing will be in a form of a term loan
facility and a revolving credit facility.
TRSDC, which is developing the world's largest
sustainable tourism project, has obtained the loan from Saudi National Bank,
Riyad Bank, Banque Saudi Fransi, and Saudi British Bank, according to a
statement.
“This year, we have proceeded at pace with the
delivery of our flagship project, all the while mindful of our commitment to not
only reduce our impact on the environment but actively deliver a 30 percent net
conservation benefit by 2040,” explained John Pagano, chief executive officer of
The Red Sea Development Company.
GFC Media Group have recently awarded TRSDC’s
Green Financing as Project Finance Deal of Year in the Capital Markets Saudi
Arabia Awards.