Alkhorayef Water Announces a SAR 50 Million Increase to its Shariah-Compliant Credit Facility with Arab National Bank

Saudi-based Alkhorayef Water and Power Technologies (AWPT) increased its Shariah-compliant credit facility with Arab National Bank (ANB) by SAR 50 million (USD 13.33 million) from SAR 277.2 million (USD 73.92) to SAR 327.2 million (USD 87.25 million) on the 6th of January 2022.

Why it Matters?

This facility will allow AWPT to issue letters of guarantee and credit, finance new projects, invoice financing and cover expenditure financing.

Details

The announcement also stated that the security provided against financing under a promissory note was increased by SAR 50,000 (USD 13.33 million).All other conditions remain unchanged from the original facility agreement.This increment comes following the renewal and amendments...