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Saudi Red Sea project receives the first green credit facility from Saudi banks (Asharq Al-Awsat) Riyadh - Asharq Al-Awsat
Saudi Arabia’s Red Sea Development Company (TRSDC) has secured a $3.77 billion ‘green’ loan from four Saudi banks.
The company said that the 15-year term loan and revolving credit facility was signed with Banque Saudi Fransi, Saudi British Bank (SABB), Riyad Bank, and Saudi National Bank (SNB).
The loan is green finance, the first of its kind in a Saudi riyal-denominated loan facility, said the statement, adding that the accreditation was awarded due to its market-leading approach to social and environmental sustainability and the Red Sea Project’s international recognition as a green project.
Saudi Arabia's Red Sea Development Company has raised a green loan, marking the second deal of its kind raised in the kingdom and the first in local currency. Funds will be used to support the development of the country's new tourist attraction, the Red Sea Project.