SIDF News

"The Saudi Industrial Development Fund (SIDF) signed two agreements with Arab National Bank (ANB) to provide Letter of Credit and Guarantee Program for working capital financing as part of SIDF's efforts to stimulate industrial projects growth in the sectors of industry, mining, energy, and logistics services.

The CEO of SIDF, H.H. Prince Sultan bin Khalid Al Saud, and the Managing Director and CEO of ANB, Obaid bin Abdullah Al-Rasheed, signed the agreements on the sidelines of the second Financial Sector Conference, held in Riyadh from March 15 to 16.

The Letter of Credit service allows SIDF clients to obtain the necessary liquidity to accelerate the implementation of their projects by issuing letters of credit at reduced fees, with SIDF guaranteeing the financing of these credits through ANB and seven other banks that offer this service.

SIDF's Guarantee Program with ANB aims to support its clients who meet the necessary conditions and requirements to obtain working capital financing from the bank, with a guarantee from SIDF.

It is worth noting that SIDF seeks, through its agreements with private sector partners and commercial banks, to provide financing solutions and increase investment opportunities that enable its clients to succeed in their industrial projects and increase their contributions to the local economy."