JEDDAH, 26 June 2005 — The International Finance Corporation (IFC), a subsidiary of the World Bank, will invest SR187.5 million to support Saudi British Bank’s (SABB) Islamic home financing portfolio. IFC will provide 12-year funding to SABB for the Saudi riyal equivalent of $50 million under a Murabaha facility to fund SABB’s Islamic home financing product Manazel.
Geoff Calvert, managing director of SABB said, “This is a significant step to support our program to help Saudi citizens for purchasing or building a home. SABB is proud to have been selected by the IFC and looks forward to expanding home ownership in the Kingdom.”
IFC, with total assets of $32.4 billion on Dec. 31, 2004 and a member of the World Bank Group, is responsible for private sector investments in developing countries. IFC provides financing and equity investments, advisory services and guarantees.
The selection of SABB for this financing was a result of the project being compatible with a long-term mortgage program launched by SABB as part of its long-term financing portfolio.