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ANNOUNCEMENT 25 Dec 2017
On 25 December 2017, the Saudi Fund for Development signs an export financing agreement with The National Petrochemical Industrial Co. (NATPET).
NUMBER OF INTERVENTIONS
1
SOURCE
Saudi Fund for Development. 2017. الصندوق السعودي للتنمية يوقع اتفاقية تمويل صادرات وطنية بمبلغ (150) مليون ريال سعودي. Arabic. http://www.sep.gov.sa/webcenter/faces/oracle/webcenter/page/scopedMD/s496069c3_e35f_448c_8a0a_0c2ed8086bcf/Page29.jspx?wc.contextURL=%2Fspaces%2Fexportprogram&DFile=SEP_ACCORDION_DATAFILE&NRow=2&wc.originURL=%2Fspaces%2Fexportprogram%2Fpage%2FLatest%2BNews%2BDetails&_afrLoop=469600192476543#%40%3FNRow%3D2%26_afrLoop%3D469600192476543%26wc.originURL%3D%252Fspaces%252Fexportprogram%252Fpage%252FLatest%252BNews%252BDetails%26DFile%3DSEP_ACCORDION_DATAFILE%26wc.contextURL%3D%252Fspaces%252Fexportprogram%26_adf.ctrl-state%3Ddfwt5e6ar_85
The Saudi Fund for Development on 25 December 2017, under the Saudi Export Program, signed an export financing agreement with The National Petrochemical Industrial Co. (NATPET).
The signed agreement establishes that the Saudi Fund for Development will finance the export of NATPET's various goods at a value of circa SR 150 (circa USD 40 million).
The Saudi Export Program -- The Saudi Export Program (SEP) is part of the Saudi Fund for Development and was established in 1999. The program promotes Saudi exports to contribute the country's GDP and minimize the economic dependence of crude oil. In promoting the export of Saudi goods the SEP can support 100% of the value of the eligible export transaction depending on risk and nature of the export. In general, the value of exported good/service must contain a Saudi domestic value of 25% or more as well as the transaction having a minimum value of SAR 100,000 (approx. USD 26,666). Additionally, parties benefiting from the SEP fall into one of the following: Saudi companies and establishments; foreign companies, entities or governments importing or purchasing of Saudi goods or services; or lastly local or foreign banks and financial institutions.
The Saudi Fund for Development -- The Saudi Fund for Development (SFD) was established by Royal Decree No. M/48 of 1 September 1974. The Fund's main objectives are to: 'participate in the financing of development projects in developing countries through granting of loans to said countries and to encourage national non-crude-oil exports by providing finance and insurance in support of such exports.
NATPET -- National Petrochemical Industrial Co. (NATPET) is a state-owned Saudi Arabian company engaged in the production of polypropylene resin-based chemical products primarily.