SABB and the Saudi Industrial Development Fund sign an agreement to finance the industrial sector

SABB and the Saudi Industrial Development Fund sign an agreement to finance the industrial sector

Saudi British Bank (SABB) has entered into a collaboration agreement with the Saudi Industrial Development Fund (SIDF) to implement the Fund’s guarantees program that aims to provide financing solutions to stimulate growth of industrial segments and promote advancement of the national industries by empowering private sector institutions and achieving their aspirations in terms of investment and expansion.

The agreement came on the sidelines of SIDF’s annual ceremony to empower the private sector, under patronage and presence of His Excellency the Minister of Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Industrial Development Fund, Mr. Bandar Al-Khorayef. The agreement was signed by Dr. Ibrahim Al Mojil, CEO of SIDF, and Mr. Yasser Al Barrak, CEO of Corporate and Institutional Banking at SABB.

Under this agreement, SABB will provide financing solutions to the Fund's clients, to enable them to meet the necessary needs for the establishment, operation, and expansion of economic projects, in exchange for guarantees in favor of the beneficiaries of the Fund's products and services after fulfilling all requirements and meeting the necessary Laws, regulations and conditions.

On this occasion, Mr. Yasser Al-Barrak said: “We are proud to boost our partnership with the Saudi Industrial Development Fund, based