Saudi Fund for Development looking to provide credit facilities for Lankan importers

Wednesday, 7 June 2017 00:00 - - {{hitsCtrl.values.hits}}

The Saudi Fund for Development is looking to provide credit facilities for Sri Lankan firms to import raw materials from Saudi Arabia.

Accordingly, Lankan importers importing fertiliser, plastic raw materials, cables and electrical wires from Saudi Arabia will be eligible to obtain credit, which would be given under the ‘Foreign Buyer Credit Assistance’ by the Saudi Fund for Development.

Recently, a meeting was conducted by the Saudi Fund for Development at the Ceylon Chamber of Commerce to brief about the credit program.

According to Ziad Alsabbaly, Marketing Specialist of Saudi Fund for Development, the credit facilities will be given with repayment period running up to a minimum of two years, while the maximum repayment period will be 10 years. The repayment period would be decided upon the nature of the imports or the project. The minimum grace period for the credit offers would be six months.

Several local firms, including the Chamber members were present during the meeting. Lilakshini De Mel, Senior Assistant Secretary General of the Ceylon Chamber of Commerce were also present at the occasion.