(MENAFN) The Saudi Development Fund (SDF) has signed a deal with Samba Financial Group with a total value exceeding USD100.513 million, Arab News reported.
This deal would make Samba able of enlarging its activities in supplying credit facilities to exports from the Kingdom, throughout increasing its capacity to support letters of credit sent from foreign banks for the Saudi exporters advantage.
Signing this deal is part of the goal of the Saudi export program in cooperation with Saudi banks to encourage and support national exports through supplying a new credit facility to the Saudi exporters, said the SDF chief.
"The deal will also open the way for exporters and the national product to compete in foreign markets, and strengthen cooperation of Saudi export program with the national banks," he said.
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