Funds for growth Arab Banking Corporation (ABC) has closed a €24.9 million sustainability-linked credit facility for Saudi Paper Manufacturing (SPM).
“The loan amount is intended to support SPM’s expansion plan by funding the procurement of state-of-the-art machinery from Toscotec, which will add efficiencies of scale and scope to SPM’s business in years to come,” the bank said in a statement.
Alessandro Mennucci, the chief executive of Toscotec, the Italian company that is to deliver new machinery to the Saudi firm, commented that “Toscotec is pleased to support SPM both as their technology supplier and assisting in the achievement of the credit facility deal, which is an important step for the successful implementation of this project.”
The financing is backed by the Italian Export Credit Agency, according to the Saudi bank.