Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Saudi Fund for Development signs $10 million deal with National Bank of Iraq
Published in The Saudi Gazette on 30 - 05 - 2021

The Saudi Fund for Development (SFD) has announced the signing of a finance agreement with the National Bank of Iraq (NBI), affiliated with the Capital Bank Jordan, to provide credit facilities worth $10 million for Iraqi investors willing to import products and services form Saudi companies, in a way that contributes to enhancing trade relations between the two countries.
The agreement was signed in Amman, Jordan, by Saudi Fund for Development (SFD) CEO Sultan Bin Abdulrahman Al-Marshad and Capital Bank Chairman of the Board of Directors Bassem Khalil Al-Salem in the presence of senior officials from both sides.
Under the agreement, SFD will grant NBI a revolving line of finance worth $10 million to import various commodities and services with a Saudi origin to clients of the bank from importing companies with a finance percentage of 100 percent of their value and with a repayment period of up to 36 months depending on the type of imports and nature of the process.
Al-Marshad said, "This agreement highlights the brotherly ties between the Kingdom of Saudi Arabia and Iraq, and reflects the two countries' willingness to enhance cooperation in all fields," noting that, "this deal is part of what the government of the Kingdom of Saudi Arabia has allocated to support reconstruction and development projects in Iraq with more than $1.5 billion".
He also stressed that supporting stability in countries seeking to realize sustainable economic and social development is a top priority for SFD.
He added that the fund, through this agreement, seeks to enhance efforts that aim at achieving the principle of joint prosperity between the two sides, especially that the agreement accords with the Kingdom's efforts to diversify its sources of national revenues and increase the volume of non-oil exports of commodities and services of Saudi origin.
This deal is envisioned to open new markets for Saudi producers and contribute to stimulating the Iraqi commercial and financial sectors.
For his part, Al-Salem expressed appreciation for the SFD's efforts through supporting and financing development projects in Iraq and stimulating trade ties between the two brotherly countries, noting that "the role of the fund reflects the Kingdom of Saudi Arabia's historical endeavors and continuous support for the joint Arab action process and its contribution to realizing the Arab economic integration".
Al-Salem also stressed that this agreement will contribute to increasing the trade exchange between Iraq and the Kingdom of Saudi Arabia through enabling NBI to offer credit facilities for importers to import Saudi products and services known for their high quality with competitive prices for the Iraqi market, noting that the agreement will also play a role in activating the transport operations between the two countries and its effective contribution to stimulating 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. — SPA


Clic here to read the story from its source.