Chase Manhattan Corp. has arranged a $1.94 billion loan for Saudi Arabia that will finance sales of U.S. aircraft to the Middle East nation.

Chase itself will not participate in the loan, which is guaranteed by the Export-Import Bank of the United States. About half the amount, or $1.04 billion, is being loaned by London-based National Westminster Bank PLC and Paris-based Societe Generale. The rest, $903 million, is being provided by Private Export Funding Corp., a joint venture of U.S. banks and large exporting companies. Among the venture's shareholders are Mellon Bank Corp., Bank of America Corp., Bank of New York Co., Citigroup Inc., Chase, General Electric Co., and United Technologies Corp.

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