SFD to finance nonoil exports to Turkey
01/07/2012 07:42 AST Arab News
The Saudi Fund for Development (SFD) has agreed to provide credit facilities worth $210 million (SR 787 million) to finance export of Saudi nonoil goods and services, to Turkey.
The Saudi credit facility will benefit a number of Turkish banks, including Asya Bank, Halk Bank, Sugar Bank, Finance Bank, Kuwaiti-Turkish Bank, Akitf Bank and Deniz Bank.
SFD signed the credit deals with the Turkish banks in Istanbul on Thursday. Ahmad bin Mohammed Al-Ghanem, director general of SFD, signed on the agreements.
In a press statement, Al-Ghanem said that these agreements came within the framework of enhancing Saudi relations with Turkey.
He said the Saudi-Turkish trade exchange rose to SR 21.6 billion in 2011 with Saudi exports to Turkey reaching SR 12.6 billion and the Kingdom’s imports from Turkey amounting to SR 9 billion.
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