time issuer rating of A1 from Moody's Investors Service for long-term debt and Prime-1 for short-term debt, Arab News quoted the Press release as saying. APICORP has an authorized capital of $ 1.2 billion and a fully paid-up and subscribed capital of US$550 million. APICORP is a multilateral bank created in 1975 and wholly owned by the Organization of Arab Petroleum Exporting Countries (OAPEC) with a mandate to assist the development of member states' hydrocarbon sectors through project loans, trade finance and direct equity investments. OAPEC governments of Saudi Arabia (17 percent), the United Arab Emirates (17 percent), Kuwait (17 percent), Libya (15 percent), Iraq (10 percent), Qatar (10 percent), Algeria (5 percent), Bahrain (3 percent), Egypt (3 percent) and Syria (3 percent) are shareholders in APICORP. It holds total assets of $4.1 billion at the end of 2009. The Corporation has its headquarters in Al-Khobar/Dammam, in the Eastern Province of Saudi Arabia and operates a Banking Branch in Manama, Bahrain.
