Riyadh – Mubasher: National Environmental Recycling Company (Tadweer) has penned a Sharia-compliant facility agreement worth SAR 25 million with Riyad Bank, according to a recent bourse filing.

The funding includes a revolving facility worth SAR 5 million to finance the firm’s working capital, while the remaining cash value will be used to endorse acquisitions, purchase of assets, and construction works for seven years.

The facility agreement is secured by a promissory note with the loan value. The Tadawul-listed company obtained the financing on 20 October 2022.

This month, Tadweer partnered with the Saudi Electricity Company (SEC) for a recycling project worth SAR 20.49 million.

It is worth noting that in the first nine months (9M) of 2022, Riyad Bank logged net profits after Zakat and tax worth SAR 4.99 billion, an annual increase of 13.22% from SAR 4.40 billion.