New export credit from Saudi Arabia [Archives:2003/03/Local News]

January 20 2003

The Saudi Fund for Development has agreed to offer credit facilities to finance Yemeni national exports with YR 12.2 million.
Ebraheem Mohammed al-Mefleh, general manager for the exports program, representative of SFD, Ahmed al-Hamadani , head of the board of directors of National Bank for Trade and Commerce, Hussein Fadhl, general manager of Yemeni Bank for Reconstruction and Development and Amer Toqan, Sheba Islamic Bank assistant general manger for investment were the Yemeni representatives of the Yemeni who signed the deal with the Saudis on Jan. 8.
It’s believed that the credit lines will enhance trade between the two countries now estimated at YR 65 million.
The credit also aims at giving Saudi exporters confidence in their exports to Yemeni markets and also lessen the difficulty of repayment.
The assigned agreements require sums go to the three banks to finance the Yemeni exporters who want to buy Saudi products.
This is the seventh agreement involving Yemen, after it has made similar deals with other Arab banks like Egypt, Jordan, Lebanon, Algeria and Tunisia.
The Saudi ambassador in Sana’a, Mohammed Mardas al-Katani, and Ali al-Sykhi, the deputy minister of industry, along with Abdu Ellah al-Mamari and Ms Eman Kamal Hassan from the National Bank and a number of Yemeni-Saudi businessmen took part in the deal.