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Jazadco inks SAR 21m loan agreement with Agricultural Development Fund

Jazadco inks SAR 21m loan agreement with Agricultural Development Fund
The company announced a two-year financing duration for the working capital
JAZADCO
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Riyadh – Mubasher: Jazan Energy and Development Company (Jazadco) has entered into a SAR 20.9 million loan agreement with the Agricultural Development Fund to finance the working capital and development of a shrimp farm.

This step comes in line with the company's strategy to expand its agricultural sector and the national objective to raise fish consumption per capita to reach the global average, according to a bourse filing on Monday.

The company announced a two-year financing duration for the working capital and 10 years for the capital expenditure for the shrimp farm.

Meanwhile, the company offered guarantees for the financing by mortgaging the assets of the shrimp farm and providing a promissory note for the value of the loan plus administrative expenses.