Based on the Bank's system that was adopted by the Council of Ministers’ resolution No.131 dated: 30/05/1427 of the Royal Decree No.
C/34 Dated: 01/06/1427 and having examined the regulations for financing Service Projects that were adopted by the Board of Directors in the Bank on 15/10/1428 and based on Article V of the regulation, The decisions were as follows:
First: To form a committee consisting of Bank employees.
Second: The committee will be responsible for all service sectors except those having their own committees.
Third: This committee's tasks are as follows:
A- To make a decision about financing a project, whether it is approved, disapproved, or given a conditional approval, dependant on completion of certain requirements. These are based on the outcome of economic, technical and financial evaluations of the project. In the case of a disapproval, justification should be attached to the record or minutes of the meeting.
B- To determine the amount of funding and the duration of the repayment and permission period in accordance with article VIII, X and Xl.
Fourth - The committee shall consider the funding requests it receives by an official memorandum from the supervisor of the service program.
This should be addressed to the Chairman of the Committee(and handed over to him or to the secretary of the committee) within five working days from receiving the request. The request should be attached with a definition and summary of the important elements of a feasibility study and the evaluation results. The Committee has the right to request the entire file of studies for the project.
Fifth - A team of experts and advisors can be brought in to assist the Committee in any of the areas outlined in the regulations.
Sixth - The request should be presented at the Committee's meeting, by the supervisor or the coordinator of the program.
Seventh: At least four members of the Committee, including the President or the Vice-President, should attend the meeting and the decisions should be made by a majority of two-thirds, with a minimum of four members.
Eighth: It is acceptable for any member of the Committee to have a different point of view. This should be stated in writing, along with his
signature, in the record.
Ninth : The adoption of resolutions for financing the project, whether conditional or unconditional, should be sent to the Project Assessment Department and the Legal Department within one working day. The coordinator overseeing the program should notify the beneficiary within one working day by telephone and confirm it on the same day, electronically or in writing.
Tenth : Within three working days the legal Department should prepare a loan agreement between the Bank and the beneficiary, in association with the Coordinator overseeing the program, according to the model adopted by the Director-General of the Bank.
Eleventh : All the pages of the loan agreement should be authenticated by the legal Department and then referred to the Assistant Director-General of loans, At the same time, the Legal Department should identify the place and date where the loan agreement should be signed by the beneficiary. The loan agreement should be signed by the Assistant Director-General of loans, and in his absence the Assistant Director- General for Finance and Administration should sign the contract, in the presence of a representative from the Legal Department.
Twelfth: The Legal Department should keep one of the original contracts which should be signed and stamped with the official seal of the Bank.
The legal department should also provide both the beneficiary and the Assistant Director-General of loans with original copies. It should also provide photocopies for the Director-General, the Department of
Treasury and the Follow-up Department.
Thirteenth: The resolution shall be implemented from the date of issue.
Director-General
Abdul Rahman bin Mohammed Al-Suhaibani