General Manager of Saudi Export Fund Praised CAC Bank's Performance in Investing Saudi Export Line

5/3/2010 12:00:00 AM

The General Manager of the Saudi Export Program Fund which belong to the Saudi Fund for Development praised the objectives achieved by the Cooperative and Agricultural Credit Bank (CAC Bank) through the financing agreement signed between the Bank with the Fund, hoping that other local banks to comply with the achieved objectives of CAC Bank and benefiting from the financing programs presented by the Saudi Fund to The Yemeni Banks.

During the agreement signing session to renew the joint cooperation between the Saudi Fund, CAC Bank and other Yemeni banks, Mr. Ahmed Mohammed Al-Ghannam said "It is worthy to mention the benefits and successes of the Cooperative and Agricultural Credit Bank by the good use of previous cooperation agreements, and today we are welcoming the renewal of the signing agreement to further cooperate and increase the budget in the hope of achieving more successes and benefits  to the people of the two countries.

Then, Mr. Hafedh Meayad - the Chairman of the Board of Directors, thanked the leadership of the Saudi Fund and wished for further cooperation and joint work. Mr. Hafedh represented the bank in signing the agreement and pointed out to the importance of the agreement in facilitating trade exchange between the two countries through providing the private sector with the imports process from the Kingdom, and the payment of outstanding installments up to three years with very lowered interests. The line of first agreements was SAR3 million and the second was SAR 7 million, and currently the renewed line is for SAR 15 million which was signed by the Chairman of the Board of Directors to renew the new financing line between the Bank and the Saudi Fund for exports.

After that The Chairman, along with a number of Bank's representatives, accompanied the delegation in a tour to the Zubairi branch hanging in some departments such as customer service, Women Section, Speed for remittances where they learned about the nature of the work and the progress of the performance in customer service. The bank then has hosted a lunch in honor of the Saudi delegation.

Subsequently, on Monday, 3/5/2010 at the headquarters of the Yemeni Banks Association in Sana'a, the Saudi Fund for Development (SFD) has signed the financing line agreements with the Cooperative & Agricultural Credit Bank and other banks as part of the export program activities to promote trade exchange between Yemen and Saudi Arabia.

It must be noted that the delegation of the Saudi Fund for Development headed by the General Manager of the Export Program Mr. Ahmed Mohammed Al-Ghannam and his accompanying delegation arrived in Sana'a on Sunday (May 2nd) for a working visit to Yemen staying for several days.