Power and Water Utility Company for Jubail and Yanbu (Marafiq) has signed bilateral agreements to reschedule its existing Islamic loans worth 5.9 billion Saudi riyals ($1.31 billion) with three locally listed banks.

The agreements were signed with Saudi Awwal Bank, Saudi National Bank and Banque Saudi Fransi.

The deal extends the previously agreed payment grace period by an additional three years, with repayment commencing in June 2028 instead of June 2025. This also includes maintaining the original financing period, which concludes in December 2034.
  
The move will support Marafiq’s financial position and improve cash flows to meet its strategic objectives.
 
The previously agreed terms remain in force until December 2034, according to Marafiq.

(Editing by Seban Scaria seban.scaria@lseg.com)