The Saudi Fund for Development is looking to provide credit facilities for Sri Lankan firms to import raw materials from Saudi Arabia.
This will make Lankan importers importing fertilizer, plastic raw materials, cables and electrical wires from Saudi Arabia eligible to obtain credit, which would be given under the ‘Foreign Buyer Credit Assistance’ programme 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 the credit programme.
According to Saudi Fund for Development Marketing Specialist Ziad Alsabbaly, the credit facilities will be given 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 depending on 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.
Ceylon Chamber of Commerce Senior Assistant Secretary General Lilakshini De Mel was also present at the occasion.