Saudi Filling & Packaging Materials Manufacturing receives US$3M loan from Saudi Industrial Development Fund to finance project for production of PE bags
November 22, 2013
(ADP Debt News)
– Saudi Filling & Packaging Materials Manufacturing Company (SAU:2180), or FIPCO, said yesterday it had received a SAR 11.4 million (USD 3m/EUR 2.3m) loan from the Saudi Industrial Development Fund (SIDF).
FIPCO will use the funds to finance a project for the production of polyethylene bags.
The loan is to be repaid by June 30, 2015.
FIPCO (www.fipco-polypack.com.sa), established in 1991, is engaged in the production of bags and other woven polypropylene packaging products for industrial and agricultural use. The company sells its products locally and exports to international markets such as North America and Europe.
(SAR 1.0 = USD 0.267/EUR 0.198)