Saudi EXIM Bank; ITFC sign agreement to support private sector

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 Saudi EXIM Bank’s clients. The agreement comes to strengthen the bank’s leading role in supporting and stimulating the private sector and developing the exports of companies operating in the Kingdom.

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

According to the agreement; credit facilities will be offered to the clients including providing finance for exporters and imports. This is in addition to pre-export financing and buyer financing.

Supporting private sector

Speaking on the occasion; Al-Khalb expressed his happiness to cooperate with the ITFC in order to enhance government efforts aimed at boosting Saudi exports; increasing support for Saudi exporters and international buyers of Saudi non-oil goods and services through financing and insurance products; and empowering Saudi and non-Saudi banks and financial institutions. It also seeks to expand the provision of direct and indirect credit facilities to support the national economy and enhance confidence in Saudi exports in line with the Kingdom’s Vision 2030.

For his part; Sonbol said: “The International Islamic Trade Finance Corporation is markedly aware of challenges facing the private sector in the Kingdom; especially medium and small companies; and the difficulties related to accessing the financing services necessary to support its commercial and export activities. Therefore; the role of an export bank becomes important in providing financing support and credit facilities to the private sector to help it overcome these challenges and develop the Kingdom’s non-oil exports to achieve the aspirations of the wise leadership; and the goals of the Kingdom’s Vision 2030; which seeks to increase the share of non-oil exports in the GDP.”

The Saudi EXIM Bank; since its establishment; works on providing credit facilities; directly or through partnerships with local and international bodies; to its clients. It also works with commercial banks and financial institutions in order to provide integrated financial services to finance Saudi non-oil exports and enhance their competitiveness worldwide; in light of the goals of Saudi Vision 2030.