Loans -
Loan fixed for phosphate project-SPA - 16/06/2008
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The Saudi state-owned mining company Maaden, have managed to secure 7 billion dollars worth in loans from Saudi as well as Korean organizations to help them with their phosphate project. This is believed to have been made official last Sunday.
The official Saudi Press Agency (SPA) stated that the financing will be made up of direct loans worth $1.07 billion received from the Public Investment Fund, as well as $135 million given by the Industrial Development Fund. A loan from the Export-Import Bank of Korea (KEXIM) is also included, and Maaden have also managed to get themselves a contract for insurance coverage over 16 years to boot.
The SPA cited chief of Maaden, Abdullah al-Dabbagh has expressed his hope that this economic help, when added onto the 9.25 billion riyals ($2.47 billion) they plan to raise for next month's IPO, will be enough to afford the costs of a phosphate project it is developing with Saudi Basic Industries Corp 2010.SE (SABIC).
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