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Saudi PIF Signs Revolving Credit Facility for $15 Billion

The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat
The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat
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Saudi PIF Signs Revolving Credit Facility for $15 Billion

The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat
The previous loan involved 17 banks, while the latest one includes six further financial institutions from Europe, the US, the Middle East and Asia. Asharq Al-Awsat

Saudi Arabia's Public Investment Fund (PIF) said on Wednesday it had signed a revolving credit facility for $15 billion with a group of 23 financial institutions, replacing a previous loan for the same amount agreed upon in 2021.
The facility will be available for three years and is extendable for two more, a PIF statement said.
A revolving loan is one that can be drawn, repaid and drawn again during the lending period.
The previous loan involved 17 banks, while the latest one includes six further financial institutions.
The group includes institutions from Europe, the US, the Middle East and Asia, according to the statement.

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Second Phase of Jordan-Iraq Electrical Interconnection to Be Completed in Q1 2025

A power station in Iraq. (Reuters)
A power station in Iraq. (Reuters)
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Second Phase of Jordan-Iraq Electrical Interconnection to Be Completed in Q1 2025

A power station in Iraq. (Reuters)
A power station in Iraq. (Reuters)

The 2023 annual report from Jordan’s Ministry of Energy and Mineral Resources said the second phase of the Jordan-Iraq electrical interconnection project is on track to be completed in the first quarter of 2025.

Work has commenced on civil and engineering tasks, including procuring materials, electrical breakers, transformers, and related infrastructure for the 400 kV transmission line, said the report that was released by the Jordan News Agency (Petra) on Monday.

Phase two of the project will involve supplying electricity to the Al-Qaim area in Iraq with a load capacity of 150-200 MW at 400 kV, following the completion of the 330 kV transmission line. The project also includes completing the electrical connection at Al-Qaim substation (132/400 kV) on the Iraqi side and constructing the Risha substation (132/33/400 kV) on the Jordanian side.

The project’s first phase, which became operational in the first quarter of this year, involved supplying electricity to the Al-Rutba area in Iraq at 132 kV, with a capacity of 40 MW. This phase required the construction of a 150 km transmission line on the Iraqi side.

The report also stressed that all technical and economic studies, as well as agreements related to the interconnection project with Saudi Arabia - such as the interconnection agreement, operational agreement, and commercial agreement - have been finalized.

Preliminary agreements have been signed with the Arab Fund for Economic and Social Development for loan and guarantee agreements amounting to 22 million Kuwaiti dinars (approximately $71.6 million) for the Jordan-Saudi Arabia interconnection project. Final agreements are pending to initiate the project.