JAZADCO signs 20.9 mln loan agreement with Agricultural Development Fund

22/03/2021 Argaam

Logo of JAZADCO

Jazan Energy and Development Co. (JAZADCO) signed, on March 21, 2021, a loan agreement worth SAR 20.9 million with Agricultural Development Fund (ADF), the company said in a statement to Tadawul.

 

The company will use the loan to finance working capital, develop aquaculture sector and increase production capacity.

 

These developments align with the company's strategy to expand its agricultural sector, as well as with the national targets to increase fish consumption per capita to reach the global average, the statement added.

 

The financing duration is two years for the working capital loan and 10 years for the capital expenditure loan, guaranteed by the mortgage of the shrimp farm's assets for ADF and a promissory note for the value of the loan plus administrative expenses.

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