Marafiq Reschedules SAR 5.9 Billion Loans with Three Banks

Power and Water Utility Company for Jubail and Yanbu (Marafiq) announced on Sunday the signing of a number of bilateral agreements to reschedule existing Islamic loans with Saudi bank lenders: Banque Saudi Fransi, Saudi Awwal Bank, and Saudi National Bank, with total loans of 5.9 billion riyals.

The Company stated in a statement today on “Tadawul” that the agreements include extending the previously agreed upon repayment grace period for an additional 3 years with repayment starting in June 2028 instead of June 2025, while maintaining the original financing period that ends in Dec. 2034. These agreements aim to support the company’s financial position and improve its cash flows, which contributes to achieving the company’s goals and strategies.