Wednesday, 24 April 2024

‎“Knowledge City” signs a credit facility agreement worth 143 ‎million riyals

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Knowledge Economic City Company “the Company” announced that it had signed a credit facility agreement worth 143 million riyals, compatible with the provisions of Islamic Sharia, with Al Rajhi Bank on September 17, 2023.

The company explained in a statement on Tadawul that it will work to benefit from the value of the facilities to finance the implementation of its pivotal projects at a value of (118) million riyals, in addition to financing working capital at a value of (25) million riyals.

It indicated that the duration of the facilities allocated to finance the implementation of projects is 5 years, including a grace period for the first three years, and the value of the facilities for financing capital is renewed annually.

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The company has provided guarantees in the form of mortgage plots of land and promissory notes in exchange for these facilities.

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