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Saudi Arabia's National Company for Learning & Education (NCLE) has signed a Shariah-compliant credit facilities agreement with Saudi Awwal Bank, securing financing up to total of SAR 230 million ($61 million).
Under the agreement, Saudi Awwal Bank will provide a mix of long-term and short-term financing facilities. The long-term facilities have a maximum tenor of up to seven years, including a two-year grace period, while the short-term facilities extend for up to six months.
The financing is secured through the issuance of a promissory note covering the value of the facilities, in addition to a real estate mortgage.
The facilities will support NCLE long-term growth and expansion plans.
(Writing by Brinda Darasha; editing by Daniel Luiz)
