29 Short term borrowings and medium term loans
Short term borrowings and medium term loans
Short term borrowings
| 2021 | 2020 | |||
| AED’000 | AED’000 | |||
| At 1 January | 298,160 | 173,100 | ||
| Proceeds received | 143,750 | 298,160 | ||
| Repayments | – | (173,100) | ||
| ————————- | ————————- | |||
| At 31 December | 441,910 | 298,160 | ||
| ============= | ============= |
These short-term borrowings carry variable interest rates ranging from 2.88 % p.a to 6.00% p.a (2020: 2.44 % p.a to 6.00% p.a).
Medium term loans
| 2021 | 2020 | |||
| AED’000 | AED’000 | |||
| At 1 January | 25,000 | 100,003 | ||
| Proceeds received | 100,000 | – | ||
| Repayments | (25,000) | (75,003) | ||
| ————————- | ————————- | |||
| At 31 December | 100,000 | 25,000 | ||
| ============= | ============= |
| Obtained | Matures in | Approved facility line | Repayment schedule | Interest rate |
| In | AED ‘000 | |||
| 30 November 2021 | 2024 | 100,000 | 5 equal instalments of AED 16,667 thousand plus interest and one final instalment (6th) covering the residual utilisation amount plus interest. | 3 months EIBOR + 2.50% p.a. |
Short term borrowing and/or medium term loans are subject to financial covenants that are customary to credit facilities of such nature.
