The Saudi Fund for Development plans to provide credit facilities for Sri Lankan firms to import raw materials from Saudi Arabia.
Lankan firms importing fertilizer, 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. A meeting was conducted by the Saudi Fund for Development at the Ceylon Chamber of Commerce recently, to spell out details of the credit program.
According to Marketing Specialist of Saudi Fund for Development, Ziad Alsabbaly, credit facilities will be provided with a 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.