Saudi Rail Project Nails Down $810M From Spanish Banks

Law360, New York (July 3, 2012, 9:35 PM EDT) -- A state-run Saudi Arabian rail company has reportedly landed 3.04 billion Saudi riyals ($810 million) from a syndicate of Spanish banks to help fund a high-speed passenger rail line that will link the Islamic holy cities of Mecca and Medina through Jeddah.

Six banks will provide loan guarantees to the state-run project owner Saudi Railways Organization to finance the €6.74 billion ($8.53 billion) main construction phase of the Haramain High Speed Rail Project, Dow Jones reported Monday, citing a statement from the Saudi-Spanish consortium hired to...
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