Mobily signed on 26 June, 2014 a long term vendor financing agreement with Canada export credit agency or Export Development Canada (EDC) for USD 200 million equivalent to Saudi Riyal 750 million (with no corporate guarantee). The purpose of the Shariah-compliant financing is to acquire telecommunications equipment from Alcatel-Lucent to upgrade/enhance the network. The appointed banks are Credit Agricole, Societe Generale & Bank of Tokyo Mitsubishi as MLAs (mandated lead arrangers). The total tenor of the facilities is 10.5 years, and will be utilized over a period of 2 years. The loan will be repaid in 17 semi-annual equal installments, and has been priced at a fixed rate of 2.52% per annum with a 3% upfront premium.