Saudi Fund for Development Signs $10M Deal With National Bank of Iraq

Saudi Fund for Development Signs $10M Deal With National Bank of Iraq

Agreement between the Saudi Fund for Development and the National Bank of Iraq to encourage buying Saudi products (Asharq Al-Awsat)

The Saudi Fund for Development (SFD) announced signing a finance agreement with the National Bank of Iraq (NBI) to provide SAR37.5 million ($10 million) in credit facilities to Iraqi investors willing to import products and services from Saudi companies.

The agreement aims to bolster bilateral cooperation in various fields and affirm the fraternal ties between the Kingdom and Iraq, said SFD CEO Sultan al-Marshad.

Under the agreement, SFD will grant NBI a revolving line of finance worth $10 million to import various commodities and services with a Saudi origin to clients of the bank from importing companies with a finance percentage of 100 percent of their value and with a repayment period of up to 36 months depending on the type of imports and nature of the process.

"This agreement highlights the brotherly ties between the Kingdom of Saudi Arabia and Iraq, and reflects the two countries' willingness to enhance cooperation in all fields,“ Marshad added.

"This deal is part of what the government of the Kingdom of Saudi Arabia has allocated to support reconstruction and development projects in Iraq with more than $1.5 billion.“

He