Saudi EXIM Bank and ITFC sign agreement to support private sector

Saudi Gazette report

RIYAD – The Saudi Export-Import Bank (Saudi EXIM Bank) has signed a framework agreement with the International Islamic Trade Finance Corporation (ITFC) to provide financing services to the clients of Saudi EXIM Bank. The agreement reinforces the bank’s leading role in supporting and stimulating the private sector and developing exports for companies operating in the Kingdom.

The deal was virtually signed by Saudi EXIM Bank CEO Saad Bin Abdulaziz Al-Khalb and ITFC CEO Hani Salem Sonbol.

Under the agreement, credit facilities will be offered to customers, including financing for exporters and imports. This is in addition to pre-export financing and buyer financing.

Speaking on the occasion, Al-Khalb expressed his happiness to cooperate with ITFC to strengthen the government’s efforts to boost Saudi exports, increasing support for Saudi exporters and international buyers of non-goods and services. Saudi oil companies through finance and insurance products, and empower Saudi and non-Saudi banks and financial institutions. It also aims to expand the offer of direct and indirect credit facilities to support the national economy and build confidence in Saudi exports in line with the Kingdom’s Vision 2030.

For his part, Sonbol said: “The International Islamic Trade Finance Corporation is aware of the challenges facing the private sector in the Kingdom, especially medium and small businesses, and the difficulties in accessing finance services. necessary to support its commercial and export activities. Therefore, the role of an export bank becomes important in providing financial support and credit facilities to the private sector to help it overcome these challenges and develop the Kingdom’s non-oil exports to achieve management aspirations. informed, and the objectives of the Kingdom Vision 2030, which aims to increase the share of non-oil exports in GDP.

Saudi EXIM Bank, since its inception, has worked to provide credit facilities, directly or through partnerships with local and international organizations, to its clients. It also works with commercial banks and financial institutions to provide integrated financial services to finance Saudi non-oil exports and improve their competitiveness in the world, in light of the goals of Saudi Vision 2030.

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