Saudi-based Shalfa Facilities Management Company has announced the signing of a sharia-compliant credit facilities agreement with Saudi Awwal Bank to support the company’s operational activities and fund its future projects.

The SAR75 million ($20 million) funding will be used for issuing bid bonds, performance guarantees, advance payment guarantees, letters of credit, project progress payment financing, stated Shalfa FM in its filing to Saudi bourse Tadawul.

Guarantees offered for the financing are based on promissory note issued by the company, it added.

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