Saudi's Ma'aden signs $5 bln financing for phosphate scheme
 

Saudi Arabian Mining Co (Ma'aden) has signed a $5 billion financing deal with commercial banks and a state-owned investment fund to back its $7.5 billion phosphate production project in the kingdom, it said in a statement on Tuesday. The project in the **rthern city of Waad al-Shimal is a joint venture between Ma'aden, Saudi Basic Industries Corp and Mosaic and is part of Saudi state efforts to create a stronger industrial base beyond oil refining and export. A total of 16 local and international commercial banks, including Al Rajhi Bank, Bank of Tokyo-Mitsubishi and BNP Paribas, as well as three export credit agencies and the Public Investment Fund (PIF) signed the financing agreement on June 30, the bourse filing said.

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