Riyad Bank, Tadweeer sign SAR 25 mln credit facility agreement

20/10/2022 Argaam

Riyad Bank, Tadweeer sign SAR 25 mln credit facility agreement

Logo of National Environmental Recycling Co. (Tadweeer)

National Environmental Recycling Co. (Tadweeer) signed today, Oct. 20, a Shariah-compliant credit facility agreement with Riyad Bank, at a total value of SAR 25 million, the company said in a statement to Tadawul.

 

The loan will go for financing working capital by SAR 5 million, as well as financing acquisitions, asset purchases and construction work at SAR 20 million, it said.

 

The loan's term will be seven years for financing acquisitions, asset purchases and construction work, while the term for financing working capital will be annual revolving.

 

Tadweer offered as a guarantee a promissory note equivalent to the facility value.

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