SELMO Pvt. Ltd from Sri Lanka signed a financing agreement with the Saudi Export Program (SEP) to import raw material related products from Saudi Arabia to Sri Lanka on long-term credit basis. This marks the first agreement signed by a Sri Lankan entity with the SEP to obtain the financing line facility, following the business delegation organized by Ceylon Chamber of Commerce to Saudi Arabia in November 2017. An agreement of bilateral cooperation between the Ceylon Chamber of Commerce (CCC) and The Council of Saudi Chambers of Commerce was singed on 08 December 2017.
Mr. Anton Hemantha, Managing Director of SELMO Pvt. Ltd and Mr. Ahmed Al Ghannam, Director General of the Saudi Export Program signed the agreement in the presence of Sri Lanka's Ambassador to Saudi Arabia, Azmi Thassim, and other representatives from both sides. Director General of the SEP informed that this Program is to be converted as the Saudi Arabia Exim Bank shortly.
The Saudi Export Program is an arm of the Saudi Fund for Development which finances non oil exports from Saudi Arabia to other countries on long term credit basis, specially raw material related items, giving more competitive advantages to private companies to produce their products at lower cost and export to other countries. Several other countries have already partnered with the SEP.
Under this scheme, the SEP opens its credit facility for a large number of non-oil products from Saudi Arabia, and importantly, raw material related products for Sri Lanka.
