Saudi Fund signs agreement to finance exports to Sudan

RIYADH, May 30, 2005 (KUNA) — The Saudi Fund for Development (SFD) on Monday signed an agreement to finance exports by Saudi Industrial Export Company (SIEC) to Sudan.

Signed by SFD’s Vice-Chairman Yousef Al-Bassam, the agreement, for 3.75 million Saudi Riyals (SR), stipulates providing SIEC with credit facilities to export a number of Saudi manufactured trucks to Sudan.

In press statements after signing the agreement, Al-Bassam said the contract is part of SFD’s ongoing efforts to support national production by financing exports.

SFD, he added, has already presented 1.5 billion SR to assist local companies.

(1 USD = 3.75 SR)