RIYADH, SAUDI ARABIA – East Pipes Integrated Company for Industry has signed a Shariah-compliant credit facility agreement with Banque Saudi Fransi.
The agreement is worth US$293 million (SAR 1.1 billion).
The company said a promissory note of $306 million (SAR 1.15 billion) was provided to fully guarantee the credit facility.
The funds will be used to finance working capital for some of the company’s projects.
The deal included no related parties, the company said in a statement to Tawadul.
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