The Saudi Export Program (SEP) was established in 1420 H / 1999 G within the Saudi Fund for Development, to promote the export sector in Saudi Arabia and assist in diversifying the national economic base leading to a greater contribution to the gross domestic product and minimizing dependence of the economy on a single commodity, “crude oil”.
- Provide competitive insurance and credit facilities to Saudi Exporters and foreign buyers.
- Motivate Saudi exporters to explore and enter new markets by mitigating risks associated with International trade transactions.
- Maximize technical cooperation, joint financing and reinsurance arrangements with most international and regional banks/Institution involved in Trade Financing.
Basic requirements of SEP operations
- SEP’s participation my reach up to 100% of transaction value based on the risks involved and exposure limits.
- Minimum Transaction amount is SR 100,000
- Local value added should be more than 25%.
- Exports should be of Saudi origin.
- does not support exports of crude oil,
- offers financial facilities in Saudi Riyals or United States Dollars,
- complements commercial banks and does not with them.
- Saudi exporters (Saudi companies and establishments).
- Local buyers (Saudi companies and establishments) exporting Saudi products,
- Foreign companies manufacturing and exporting from Saudi Arabia.
- Foreign private or public buyers of Saudi goods and services.
- Local and Foreign Banks/Financial Institutions that provide financing facilities for eligible Saudi exports.
The Saudi Export Program is fully owned by the government of Saudi Arabia.
For more information please consult: http://www.sep.gov.sa.