Dubai - The Arab Petroleum Investments Corporation (Apicorp) said Sunday it had secured a $950m Islamic sharia-compliant loan from regional banks.
Apicorp, the investment company of the Organisation of the Arab Petroleum Exporting Countries (OAPEC), said the loan would be used to increase its portfolio of investments in regional energy projects.
The deal featured two tranches, the first worth $800m secured from five leading Saudi banks and maturing in five years, Apicorp said in a statement.