The Saudi Development Fund (SDF) has signed a cooperation agreement with Samba Financial Group with a total value exceeding SR377 million.

The SDF will offer guarantees to the export of the national products under this deal.

Yousef bin Ibrahim Al-Bassam, vice president and managing director of SDF, and Isa bin Mohammed Al-Issa, chairman of the board of Samba, signed the deal at SDF headquarters in Riyadh.

The agreement will enable Samba Financial Group expand its activities in the provision of credit facilities to Saudi Arabian exports, by increasing its capacity to promote letters of credit received from foreign banks for the benefit of Saudi exporters.

The SDF Chief said the signing of the agreement is part of the target of the Saudi export program in cooperation with Saudi banks to encourage and promote the national exports by offering a new credit facility to the Saudi exporters.

“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.