Saudi Alkhorayef Water renews shariah credit facility with Arab National Bank

The facility will be used to finance new projects

  
Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

Islamic finance background with calculator and rosary on the table. Image used for illustrative purpose.

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Saudi Arabia's Alkhorayef Water and Power Technologies Co. said it has renewed and amended a shariah-compliant credit facility agreement for 277.2 million riyals ($74 million) with Arab National Bank.

The facility will be used to issue letters of guarantee and letters of credit, to finance new projects, invoice financing and project expenditure financing, the company said in a bourse filing on Monday.

The agreement will be valid through June 30, 2022.

(Writing by Brinda Darasha; editing by Seban Scaria)

Brinda.darasha@refinitiv.com

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