Turkey’s first and only “Direct Bank” Aktif Bank and Saudi Export Program ( SEP) have signed a “Financing Line.
Turkey’s first and only “Direct Bank” Aktif Bank and Saudi Export Program ( SEP) have signed a “Financing Line” agreement and Aktif Bank customers performing oil-excluded product import from Saudi Arabia will use foreign based credit chances with advantageous prices and with long terms up to 3 years.
Within the project that Saudi Arabia government executes for supporting exports, SEP that provides mediation services under the name of warrantor in transaction financing of importer corporations is included in the Saudi Development Fund.
Aktif Bank CEO Dr. Önder Hasdemir said that when this program is viewed by Turkish importers, this agreement will give importer companies the chance of utilizing long term financing up to 3 years and one hundred per cent insurance advantages and this agreement will also make important contributions for development of trade between both countries. Halisdemir added that “This project is the first step of other important projects to be created between Aktif Bank and SEP for customers.
Advantages of SEP
SEP credit is given to Saudi Arabia origin goods that have minimum 25 % added value in total and out of crude oil products.
With the financing line agreement, up to one year term for consumable and nonperishable food products and industrial raw materials, up to three years term for long life nonperishable food products, consumables, processed products and spare parts, will be provided. Re-payments of transactions whose term exceeds one year will be made as 6 months installments.
Pricing is; for credits up to 18 months annual Libor + 100 bps; for credits more than 18 months annual Libor + 150 bps will used for calculation.