Sudan Telecommunication gets $40 mln Islamic loan

MANAMA, April 12 (Reuters) – A unit of The Arab Investment Co (TAIC) said on Monday it arranged a $40 million Islamic financing facility to Sudan Telecommunication Co.

A statement by TAIC’s Bahrain-based offshore banking unit said six other regional banks and financial institutions took part in the facility which carries a two-year grace period.

The facility would be used to finance expansion and investment plans for state-run Sudan Telecommunication.

Formed in 1974, Saudi-based TAIC is owned by 17 Arab states and invests in industrial, agricultural and services projects.