Riyadh, Saudi Industrial Development Fund (SIDF) has announced the signing of a framework agreement with National Commercial Bank (NCB) to provide the service of a letter of credit product, with the aim of supporting and empowering national industries and their development through partnership between public and private sectors in order to serve entrepreneurs and small and medium enterprises in different sectors.
The agreement was co-signed by Prince Eng. Sultan bin Khalid, Executive Vice President for Credit at the SIDF, and Executive Vice President and Head of Strategies Principal at the NCB Fawaz Al-Thumairi.
The agreement comes in line with the strategies of the SIDF aiming to support private sector projects in the sectors of industry, mining, energy and logistics services, through a number of financing and advisory programs and products.
It is worth mentioning that this agreement is the eighth one signed by the SIDF with local banks in order to provide the letter of credit service, which aims to provide the necessary liquidity to speed up procedures for implementing projects and reduce fees for the issuance of credits.
Source: Saudi Press Agency