MESC signs SAR 50 mln short-term facilities agreement with Saudi EXIM Bank

07/04/2022 Argaam
Logo of Middle East Specialized Cables Co.

Logo of Middle East Specialized Cables Co.

Middle East Specialized Cables Co. (MESC) signed a short-term, Sharia-compliant facilities agreement with Saudi EXIM Bank to enhance the company’s tendency for expanding exports.

 

MESC secured the one-year finance at a total value of SAR 50 million on April 7, the company said in a statement to Tadawul.

 

The deal replaces a previous agreement with the Saudi Industrial Development Fund (SIDF), an operating arm of Saudi EXIM Bank, which was sealed on Feb. 2, 2021.

 

The finance is guaranteed by promissory notes for the entire loan amount.

 

The loan will be used to finance the working capital needs for export activities, MESC added, noting that there are no related parties to the deal.

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