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Riydah-based Saudi Fund for Development has inked a credit deal worth SAR 100 million with Alkhorayef Group to help facilitate the company’s export of Saudi agricultural and industrial equipment, it said in a statement.
The agreement comes within SFD’s long-term goal to bolster the kingdom’s non-oil exports and to encourage trade with other countries. Saudi Arabia’s leading non-oil exports include: plastic products, building material, machinery, agricultural equipment, steel, F&B products.
SFD set up the Saudi Export Program in 1999 to help diversify the Saudi economy. The program has funded transactions valued at SAR 13 million between 2001 and 2014.
The fund was established in 1974 with paid up capital of $10 billion. It primarily offers loans to development projects in developing countries. It also supports non-crude-oil exports by offering short-medium-long term, direct, and indirect finance through competitive insurance and credit facilities to foreign buyers and Saudi exporters.
Riyadh-based Alkhorayef Group manufactures agricultural, irrigation, and industrial equipment. It has a presence in over 40 countries and a portfolio that includes Alkhorayef Industries, Alkhorayef Printing Solutions, Alkhorayef Commercial, Alkhorayef Lubricants, and Saudi Parts Center.
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