GENERAL FUNDING PROCEDURES:
The below are general funding procedures, it’s not applicable for all kinds of clients or transactions, but SABOAMIIE procedures will 100% workable and risk free in all relevant services for its qualified clients. SABOAMIIE is a legal registered and well reported organization and strictly following the Law, rules and regulations, so due to new publications of Law, rules and regulations of the banks and Trade platforms, SABOAMIIE also adjusts its procedures to international standards safe and workable procedures.
Step 1: Client submits its Client Information Sheet (CIS/KYC) + Brief Proposal of its civil and social project(s). Client also provides Letter of Intent (LOI) or Pre-Advice via MT-799 from its any top 25 bank to state the client is able to issue the SBLC/BG in step 5. (Final Step). The LOI or Pre-Advice must internal bank verifiable and confirm able at the issuing bank. Any screen message, server to server message Email message even from bank email or client email will not acceptable.
Step 2: SABOAMIIE carries Due Diligence (DD) of above full package of step 1 documents of the client within 5 to 7 working days.
Step 3: If the client successfully advances through the above two initial steps and work in accordance with the below Ten basic rules (Project Limits), SABOAMIIE Issues Letter of Acceptance (LOA) and Draft Contract in 3-5 working days open for amendments and logical opinions of the client.
Step 4: Upon signing of the contract, the client bank has to issue a double way confirmable Pre-advice via MT- 799 favor of SABOAMIIE to state that the client and its bank is ready to receive Legal POF, Payment schedule and can issue the agreed SBLC/BG after receiving of the POF and PS.
Step 5: Upon client Pre-Advice and full authentications, confirmation and if necessary internal bank confirmation of the client Pre-Advice, then the SABOAMIIE will be responsible to provide full CORPORAT INFORMATION SHET (CIS), Proof of Specified Reserved Funds (PRSF) and Payment schedule to the applicant bank (client selected bank) from beneficiary bank (SABOAMIIE selected Top Bank) via authenticated confirm able swift message as MT-799 or MT-999
Step 6: After satisfaction of the client and its bank, the applicant (client) will responsible to issue the agreed non-leased FC BG/SBLC according to ICC and accepted format via swift MT-760 to beneficiary bank in the favor of SABOAMIIE.
Step 7: Upon the applicant bank issue the BG/SBLC, the funds will be awarded to the client in accordance with the agreed payment schedule in the final contract signed in step 5.
Step 8: The first payment will be made in 25 to 35 working days, and the rest of the payments will be made on 25th of each calendar month to the account of Client, the funds will pay to company according to project development & measurement report.
1: After normal completion of the project the principal BG/SBLC of the client will also be reimbursed to the client without any interest, deducts and free from any line.
2: The client will be responsible to renew the BG/SBLC until the completion of the project.
3: The client is not allowed to use low quality material in the project, the project work will under full monitoring of the project management team of SABOAMIIE, and all work of the project will under full monitoring of the SABOAMIIE Project Management Team.
4: Except of the first payment (Mobilization) the rest all payments will made as per measurement and project development journal/report accepted by project monitoring team.
5: The Project monitoring team will consist by qualified representatives of project owner, relevant authorities and SABOAMIIE representatives.
Project Selection Limits
1. The client's project has to be of social and humanitarian development nature, free from any political, military or discriminatory character.
2. Client has to justify that the project is not hazardous environmentally and has acquired No Objection Certificate (NOC) from the concerned authorities.
3. The project should not be planned on disputed property / territory and should not be a basis of controversy among the population of the area.
4. Project Quality Plan must have the capacity to stand against natural calamities.
5. The equity shareholders should prepare their legal documents in conformity with the governing law of the country to avoid differences and disputes.
6. Application for project funding worth must be between EURO 5 million to 1 billion Euros.
7. Client should have the ability to provide collateral in the form of Bank Guarantee (BG), Standby Letter of Credit (SBLC) MTNs, and CDs to acquire project funding.
8. One BG/SBLC can cover several small accumulative projects worth EURO 20 million or upstairs.
9. Project completion period should not be less than 2 to 20 years.
10. Project must be high quality, high standard and execute with best materials.
11. The project must have development effects for social economic development and effective to reduce the jobless.