SFD signs a $10mln export financing agreement with the National Bank of Iraq

Will support trade exchange and development projects in Iraq

SFD signs a $10mln export financing agreement with the National Bank of Iraq

RIYADH…The Saudi Fund for Development (SFD) has signed an export financing agreement with the National Bank of Iraq, a subsidiary of the Capital Bank Group, to provide credit facilities worth $10 million to Iraqi importers who seek to import Saudi products and services. The step will help strengthen trade relations between the two nations.

The agreement was signed in Amman, Jordan, in the presence of Saudi Fund for Development CEO Sultan Abdulrahman Al-Marshad, and Basem Khalil Al-Salem, Chairman of the Board of Directors, Capital Bank, along with senior officials from both sides.

Under the agreement, SFD will provide a $10 million revolving line facility to the National Bank of Iraq to finance 100% of Saudi exports to Iraq with a repayment period of up to 36 months, depending on the type of imports and the nature of the trade transactions.

SFD CEO Sultan Abdulrahman Al-Marshad said, “This agreement reflects the strong ties between the Kingdom and Iraq, and our mutual desire to increase cooperation across several sectors. It is part of an ongoing $1.5 billion that the Saudi government allocated to support reconstruction and development projects in Iraq.

“Supporting stability in countries seeking to achieve sustainable economic and social development is one of the main priorities of the SFD, and through this agreement, we seek to achieve prosperity for both nations. The agreement with the National Bank of Iraq is consistent with the Kingdom's aim to diversify its national economy and increase its non-oil exports, will open new markets for Saudi producers, and it will stimulate the Iraqi commercial and financial sector.”

Chairman of the Board of Directors of Capital Bank Basem Khalil Al-Salem welcomed the new trade relations.  Said Al-Salem, “The role of SFD in supporting and financing development projects in Iraq reflects the historical relationship between our two nations and Saudi Arabia’s ongoing commitment to Arab economic integration throughout the region.

“This line of financing will expand trade between Iraq and Saudi Arabia by providing credit facilities for Iraqi investors to import Saudi products and services at competitive prices. It will also increase transport links between our two nations and stimulate the financial and commercial sectors.”

The agreement is the first in an ongoing program of economic regeneration between SFD and the National Bank of Iraq.


Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases