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Apicorp raises billions in Sharia-compliant syndicated financing

Posted on 14 February 2012

Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank of the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), on Monday announced it has successfully closed a three-year 2.5 billion-riyal ($667 million) syndicated Sharia-compliant facility from four leading Saudi Arabian banks on competitive market terms.
The facility, which is Apicorp’s debut syndicated Sharia-compliant financing, is aimed at retaining and increasing its medium term funding. The government of UAE has a 17 per cent stake in Apicorp………………………………………..Full Article: Source

 
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