Edarat receives Islamic facility from SAB at SAR 18M

Logo of Edarat Communication and Information Technology Co.

Edarat Communication and Information Technology Co. inked on Dec. 24, a Shariah-compliant credit facility agreement with Saudi Awwal Bank (SAB) at SAR 18 million, according to a statement to Tadawul.
 
 
The agreement included a medium-term, three-year facility at SAR 8 million to finance the capital expenses (capex), a five-year facility at SAR 4.5 million to issue contract-related guarantees and a short-term facility related to vendor receivables.
 
These facilities were guaranteed by a promissory note and will be directed to support cloud infrastructure expansions, in addition to obtaining tender and performance bonds for new contracts.

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