Saudi Industrial Development Fund, Al Rajhi Bank partner for national industries growth

The Saudi Industrial Development Fund (SIDF) signed an agreement with Al Rajhi Bank to provide a documentary credit service, SPA reported.

The fund aims at stimulating the growth of national industries through the partnership with the private sector.

The documentary credit service enables investors to obtain the necessary liquidity to implement projects and to speed up project implementation procedures by issuing credits with reduced fees.

This happens through the fund’s guarantee to finance documentary credits of its clients with a number of commercial banks.