Recovery in bank lending gets SABIC US$1.2 bln financing for expansion plans

Recovery in bank lending in Saudi Arabia has helped Saudi Basic Industries Corp (SABIC), get a SR 4.5 bln (US$1.2 bln) credit facility to finance expansion plans. An agreement has been signed with National Commercial Bank and will contribute to the company’s strategy of expansion and growth. After SABIC adjourning a bond sale last month by SABIC Capital unit, the world’s number one petrochem maker has tapped financing from local banks. On June 16, SABIC signed an agreement for a 3.75 billion-riyal credit facility with Alinma Bank.
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