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 too was signed on 08 December 2017.

The agreement was signed by Mr. Anton Hemantha/Managing Director of SELMO Pvt. Ltd with Mr. Ahmed Al Ghannam, Director General of the Saudi Export Program which was witnessed by His Excellency Azmi Thassim, Ambassador of Sri Lanka in the Kingdom of Saudi Arabia. During the signing ceremony, the Director General Mr. Al Ghannam of SEP stressed that this program is soon to be converted as the Saudi Arabia Exim Bank.

The Saudi Export Program is the arm under the Saudi Fund for Development  to finance non-oil exports from Saudi Arabia to other countries on the long term credit basis specially raw material related items giving most competitive advantages to private companies to produce their products at lower cost and export to other countries. Several other countries have already become partners with the SEP.

Under this scheme, the SEP opens its credit facility for a large number of non-oil products from Saudi Arabia and more importantly, raw material related products for Sri Lanka.