SAUDI ARABIA

Saudi EXIM signs agreements worth $118 million with three commercial banks

November 15, 2021

RIYADH — The 9th Annual Saudi Trade Finance Summit kicked off Monday with an effective participation of the Saudi Export-Import Bank (Saudi EXIM Bank), the platinum sponsors of the summit.

The summit is held under the theme “Trade and Supply Chain Resilience and Treasury Management” and brings together over the two days of Nov. 15 and 16 experts and leaders of pioneering financial institutions in one platform.

They will be discussing stimulus plans to increase the efficiency of the economic system, and changing trends in the trade finance sector until drawing the features of the Saudi economy as part of joint efforts to develop the financial strategy and build effective systems necessary to develop the trade finance sector.

Saudi EXIM Bank CEO Eng. Saad Al-Khalb participated in a discussion panel along with representatives of government institutions on means of enhancing international trade finance through partnership between the public and private sectors and integration of their roles in realizing specialized strategies goals, such as the National Export Strategy and the National Industrial Strategy.

In addition to working on finding new trade opportunities with international partners through trade finance, sharing risks, opening new horizons for the future of supply chains and their digitalization, and addressing the main fields of revenues and liquidity changes.

On the sidelines of the summit, Saudi EXIM Bank signed an insurance policy to enhance bond accreditation with the Saudi British Bank (SABB) with a value of SR238 million (equals around $63.5 million).

The policy allows SABB to increase its capabilities to accept and enhance bond accreditations for Saudi exports and expand its transactions with foreign banks exporting bond accreditations, where the insurance coverage contributes to increasing opportunities for Saudi products to access new markets and expand in existing markets.

Saudi EXIM Bank also signed credit lines agreement with Jordan’s Capital Bank and the National Bank of Iraq with a total value of $55 million to support importers of Saudi goods, services and products in the Jordanian and Iraqi markets.

The two agreements are important due to the promising opportunities for Saudi exports in the two countries and the good reputation of the Saudi non-oil products that are known for high quality and competitiveness rate in vital sectors that enrich regional markets and contribute to supporting trade relations between Saudi Arabia and each of Jordan and Iraq. — SPA


November 15, 2021
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