Riyadh – Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) signed an Islamic credit facility agreement with Riyad Bank worth SAR 49 million ($13 million).

The purpose of the deal is to partially finance the manufacturing (transforming) industries’ project, according to a bourse filing on Sunday.

The loan will be available for 19 months, noting that the agreement was signed on 9 April, but got the approval of the manufacturers of the new lines on the documents on 4 May.

“The facilities are secured by a promissory note at the benefit of Riyad Bank, as well as pledging an amount of SAR 49 million for Islamic murabaha fund,” the statement said.