Apicorp says signs $950 mln islamic loan to fund investments

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DUBAI, March 22 Arab Petroleum Investments Corp (APICORP) has signed a two-part sharia-compliant facility worth $950 million that it will use to finance investments in regional energy projects, it said in a statement on Sunday. The bulk of the financing consisted of a 3 billion Saudi riyal ($800 million) Islamic loan of five years duration that was provided by five Saudi banks: Banque Saudi Fransi, National Commercial Bank, Riyad Bank, Samba Financial Group and Saudi British Bank.

The remainder was provided on a three year basis by First Gulf Bank, HSBC and National Bank of Abu Dhabi , the statement added.