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