MESC inks capital facility Shariah-complaint deal with EXIM Bank

Middle East Specialized Cables Co. (MESC) announced signing of a short-term working capital facility agreement (Shariah-complaint) with Saudi EXIM Bank.

This agreement replaces the previous agreement dated February 2^nd 2022, with Saudi Industrial Development Fund, an operating arm of the Saudi EXIM Bank to enhance the company’s interest to expand exports.

The company added in a statement published on Tadawul that the financing amount is SR 50 million and the duration will be for one year, while guarantees offered for the financing    are promissory notes with amounts equal to the full facility.