Three organizations teamed up to provide financing for suppliers of energy and chemical company Aramco by establishing what they said is one of the world’s largest supply chain financing programs.
Aramco, Taulia and the Saudi Industrial Development Fund (SIDF) announced their signing of agreements to establish the supply chain financing solution in a Tuesday (Oct. 29) press release.
“Together with our partners, we are introducing this FinTech solution for our suppliers, offering them access to a unique and competitive financing opportunity,” Ziad T. Al-Murshed, chief financial officer and executive vice president of finance at Aramco, said in the release. “This platform also provides an investment opportunity for banks to participate as finance providers, enhancing the solution’s scale and viability.”
The new solution aims to unlock billions of Saudi Riyals in…
