Alkhorayef Water and Power Technologies Co. (AWPT), a key player in water and wastewater infrastructure in Saudi Arabia, has signed an agreement with Saudi National Bank (SNB) to renew and increase its Sharia-compliant bank facility, the company announced. 

The financing has been expanded by 200 million Saudi riyals ($53.3 million), raising the total value of AWPT’s credit facilities from SAR 650 million ($173.3 million) to SAR 850 million ($226.6 million).

The facility is valid until 31 December 2025, the company said in a stock exchange statement. 

According to the stock exchange statement, the financing is intended for issuing letters of guarantee, letters of credit, and both long and short-term loans. 

AWPT also amended the collateral provided for the financing under a promissory note, increasing the guaranteed amount to SAR 935 million ($249.3 million), while all other terms and conditions remain unchanged. 

Read more: Alkhorayef Water to operate, maintain water treatment plants in Saudi Arabia

(Writing by SA Kader; Editing by Anoop Menon)

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