Letter of Credit Program for Saudi Industrial
Development Fund Clients
Based on Saudi Vision 2030 and in coordination with SIDF's direction for developing the manufacturing industry in Saudi Arabia, the Saudi National Bank and the SIDF provide essential support to facilitate lending and financing industrial projects in the Kingdom through the Letters of Credits Program provided to the SIDF clients, which aims to provide the necessary support to import industrial needs (locally and internationally) such as machines, equipment and raw materials to provide the necessary liquidity for project costs, where the SIDF pays the Letters of Credits on behalf of its clients and facilitates customer payment procedures according to the commitment agreement concluded between SIDF and the client.
Facilitating payments to local and external suppliers and providing a guarantee of fulfilling the terms and conditions to increase governance and reduce risks related to global trade. Also, the implementation of Letters of Credits procedures at the Saudi National Bank is carried out with high efficiency through our extensive and solid relationships with intermediaries from banks and international financial institutions, in addition to the competitive prices offered by the Saudi National Bank, exclusive to SIDF clients.
Customers wishing to join the Letters of Credit Program must sign a commitment agreement with the SIDF and obtain the required approvals.
Fill out the Program's Letters of Credit Issuance/Amendment application form Here.
Fill out the Bank fee deduction approval form Here.
Fill out the authorized signatory form Here.
Provide the Bank with a copy of the commitment agreement concluded with the SIDF to open the Letters of Credit Program account.
Upload the Letters of Credit notification letter and the Letters of Credit Issuance form through the SIDF portal for clients Here.
Once approval is received from SIDF, the Saudi National Bank will notify both the SIDF and the applicant after issuing the Letters of Credit.
For further information about the program:
Contact SNB AlAhli:
General Inquiries & Customer Support: 920024288
Or send an E-mail to: tb-TradeFinance@alahli.com