Under this cooperation agreement, the bank is referred to carry out all banking operations related to the financing of Saudi exports, including promotion of letters of credit received from foreign banks for the benefit of Saudi exporters, as well as to provide pre- and post- shipment finance linked to the Saudi Export Program.
The fund’s Vice Chairman and Managing Director Yousef bin Ibrahim Al-Bassam and Banque Saudi Fransi Deputy Managing Director Abdulrahman Jawa signed the deal.
The vice chairman agreed to promote exports and national development through the provision of new credit facilities to various sources in Saudi Arabia to achieve the Saudi Export Program's objectives.
Abdulrahman Jawa said the bank has extensive experience in global markets through its large network of financial institutions both international and local, which extends to more than 500 foreign banks to serve corporate clients and retailers.
This activity is provided through the Financial Institution Division which also provides Saudi Riyal clearing activities including foreign exchange requirements, letters of credit, reimbursement orders and Saudi Riyal remittances; re-issue guarantees, such as: Bid bonds, performance and payment guarantees, against counter guarantees favoring the local beneficiary; and other services to Saudi exporters concerning letters of credit confirmations, discounting and other related issues.
