SDF, SABB ink SAR 187 mln export finance guarantee deal

Saudi Development Fund (SDF) has signed a cooperation deal with Saudi British Bank (SABB) to provide export finance guarantee worth SAR 187 million for local goods through its Saudi export program, Al-Riyadh newspaper reported.

The move aims to promote local banks’ participation in boosting exports, as well as allowing local producers and exporters to compete internationally and access new markets, according to Ahmed bin Mohammed Al-Ganam, general manager of Saudi export program, the report said.