Standard Chartered Bank, in cooperation with the Sumitomo Mitsui Banking Corporation, announced the provision of $566.4 million in Sharia-compliant financing, supported by the Export Credit Agency, for the Saudi Electricity Company to facilitate the electrical interconnection project between Saudi Arabia and Egypt.
The funding will be guaranteed for 14 years by the Swedish Export Credit Agency and financed by the Swedish Export Credit Corporation.
The electrical interconnection project is the first project of its kind on a large scale for high voltage DC power in the Middle East and North Africa region to connect electricity networks.
The project will allow both the Kingdom and Egypt to exchange up to 3,000 megawatts of electric power.
The interconnection project is expected to be completed by 2026, and will support the flow of energy in several directions, from Badr City in Egypt to Medina through Tabuk in Saudi Arabia.
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