APICORP finances sewage treatment plant in Saudi Arabia
Arab Petroleum Investments Corporation (APICORP) provided USD40mn in financing towards Saudi Arabia’s first independent sewage treatment plant in Dammam, sponsored by the private sector; Total project facility amounts to USD160mn; ISTP Project is worth USD245mn; Financing underscores APICORP’s commitment towards supporting Saudi Arabia’s Vision 2030 and the Kingdom’s sanitization infrastructure.
The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced today that it has provided USD40 million in financing to the Kingdom of Saudi Arabia’s first Independent Sewage Treatment Plant (ISTP) sponsored by the private sector – out of a total project finance facility worth USD160 million. Financing for the facility was provided in collaboration with The National Commercial Bank (NCB) and Sumitomo Mitsui Banking Corporation Europe Limited (SMBC).
The total cost of the project stands at approximately USD245 million, and is in line with the Saudi Vision 2030 reform plan goal for the optimal use of water resources and to encourage private sector participation in economic development initiatives
Located in Dammam, the Dammam ISTP was awarded to a consortium which comprises Metito, Mowah Company CJSC, and Orascom Construction – who each own 40%, 40% and 20% respectively – by the Saudi Ministry of Environment, Water and Agriculture (MEWA) acting through the Saudi Water Partnership Company (SWPC).
The USD160 million financing facility, which has a tenor of 27 years, will be used for the overall development, engineering, construction, operation and maintenance of the Dammam ISTP.
Source / More information : Arab Petroleum Investments Corporation
Report by: OGP/Segun Cole , Please email us your industry related news for publication [email protected]
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