The Red Sea Development Company announced, yesterday, Wednesday, that it has reached the financial closure with 4 Saudi banks for its loan amounting to 14.12 billion riyals.
The list of the four banks includes: Banque Saudi Fransi, Riyad Bank, The Saudi British Bank (SABB), and the National Bank of Saudi Arabia, according to (Al Arabiya.net).
John Pagano, CEO of Red Sea Company, said: This year, we continued to implement our pioneering destination while working hard not only to reduce our environmental footprint, but also to Also fulfill our commitment to increase the value of biodiversity by up to 30% by 2040.
With the bank facilities and capital commitments needed for the first phase of the project in place, we will continue to focus on delivering and delivering the destination on time to welcome guests by the end of next year. We are also grateful for the confidence of local banks in the Red Sea destination and for their support of one of the most important projects of Vision 2030.
He continued by saying: The company's green finance deal was recently awarded as the Best Project Finance Deal of the Year at the Saudi Capital Markets Awards.
The Red Sea Development Company's success in obtaining green financing accreditation comes for its pioneering approach in the field of social and environmental sustainability, and for the global confidence gained by the Red Sea destination as a sustainable project.
This loan is the first credit facility denominated in Saudi riyals to be granted within the framework of green finance, and the Red Sea Development Company is the first major project that has succeeded in reaching the capital markets. .
The Red Sea Development Company is the developer of one of the world's most ambitious renewable tourism projects.
