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Saudi Arabia’s National Debt Management Center said on Wednesday it had finalised the arrangement of a $13bn, seven-year syndicated loan to help finance power, water and public utilities projects.
The transaction is a part of the kingdom’s medium-term debt strategy, which aims to diversify funding sources and meet financing needs over the medium to long term.
“This transaction aims to leverage market opportunities to execute alternative government financing activities that contribute to economic growth, including the financing of development and infrastructure projects aligned with Saudi Vision 2030,” the center said in a statement.
Saudi Arabia, the world’s top oil exporter, is more than halfway through its Vision 2030 blueprint for economic transformation.
The strategy, introduced by de facto ruler Crown Prince Mohammed bin Salman in 2016, calls for hundreds of billions of dollars in government investments to wean the kingdom’s economy off its dependence on hydrocarbon revenue.
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