2005 News Story

Saudi Arabia confirms credit underwriting for non-oil exports

Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz yesterday approved the decision of the Board of Directors of the Saudi Fund for Development (SFD) to allocate SR15 billion [U.S. $4 billion] for underwriting credit facilities for non-oil exports. Minister of Finance Dr Ibrahim Al-Assaf, the SFD chairman, stated that this move would help the national economy, and urged all concerned to register with the Saudi Export Program (SEP).

Over 300 Saudi exporters have registered with SEP since it was established four years ago. During that time it has approved guarantees worth SR2 billion [$0.5 billion] to companies in countries in Asia, Africa, North America, Europe and Australia who import Saudi goods, which include not only petrochemicals and plastics, but food products and construction equipment.