JAZADCO secures SAR 15M credit facilities from ANB
Jazan Development and Investment Co. (JAZADCO) signed Shariah-compliant credit facilities worth SAR 15 million with Arab National Bank (ANB), according to a Tadawul statement.
The credit facilities were obtained today, Feb. 5, with a duration of nine months from the loan withdrawal date.
The facilities will be used to finance the direct purchase of materials, tools, equipment, pools, and inventory for aquaculture and agricultural activities to support operations based on an acceptable invoice copy for the bank, the statement added.
The financing is secured by a promissory note and a mortgage, the statement said, adding that no related parties are involved in the deal.
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