Standard Chartered provides $566.4 million to finance Saudi-Egypt power link project

Standard Chartered Bank (SCB) has arranged with Sumitomo Mitsui Banking Corporation a $566.4 Export Credit Agency for the Saudi Electricity Company to facilitate the electrical interconnection project between Saudi Arabia and Egypt.

The for 14 years-financing will be available by the Swedish Export Credit Agency and funded by the Swedish Export Credit Corporation (SEK), according to SCB’s statement on Thursday.

The project will supply the flow between Medina and Tabuk in KSA, and Badr in Egypt, as the connection is expected to take place in 2026.

This project is the first ever large-scale high-voltage direct current (HVDC) interconnection in the Middle East and North Africa, enabling Saudi Arabia and Egypt to exchange up to 3 gigawatts of electricity.