NADEC's subsidiary signs financing agreement with ADF for up to SAR 1.1B
The financing amount will be disbursed in stages based on the project's progress and the submission of required documents.
According to a statement to Tadawul, the 15-years agreement was signed on March 23, with three years grace period.
The company clarified that the partners provided guarantees in proportion to their shares in the company, with Nadec offering one of its lands in Wadi Al-Dawasir as collateral, in addition to providing corporate guarantees from the partners in accordance with the approved format by the Agricultural Development Fund.
The agreement was signed under the sponsorship of the Minister of Environment, Water and Agriculture (MEWA) Abdulrahman AlFadley, the statement noted, adding that the project aims to enhance local red meat production by developing integrated facilities for breeding (sheep and goats), contributing to increased domestic production.
This project is part of NADEC's strategy to strengthen food security within the framework of Saudi Arabia's Vision 2030.
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