Maaden Waad Al Shamal Phosphate Company (MWSPC), a subsidiary of Saudi Arabian Mining Company (Maaden), has signed two financing agreements with the Saudi Industrial Development Fund (SIDF) to fund the remainder of MWSPC’s project financing plan.
The financing agreements total SAR 2.1 billion (US$560 million).
The first was a loan facility of SAR 1200 million to finance the construction of MWSPC’s phosphoric acid plant and phosphate concentrate plant in the city of Waad Al Shamal. This will be repaid in 24 semi-annual installments for a period of 12 years.
the second was a loan facility of SAR 900 million to finance construction of MWSPC’s ammonia plant in Ras Al-Khair, which will be repaid in 20 semi-annual installments for a period of ten years.
Assets mortgage and shareholders guarantee will be provided to SIDF.