Saudi Export-Import Bank Signs Two Line of Credit Agreements
Saudi Export-Import Bank Signs Two Line of Credit Agreements
The Saudi Export-Import Bank has concluded two line of credit agreements with Turkiye Finans Katilim Bankasi and Albaraka Turk bank, totaling $51 million. This initiative aims to enhance trade exchange between the two countries and increase the flow of Saudi non-oil exports to Turkish markets, reported Saudi Press Agency.
Deputy CEO of the Saudi Export-Import Bank Naif bin Abdulrahman Al-Shammari signed a line of credit agreement to finance Turkiye Finans Katilim Bankasi with $26 million. Moreover, he signed another credit line agreement to finance Al Baraka Turk Bank with $25 million.
Objectives of Two Agreements
The two line of credit agreements aim to boost trade and economic exchange between the Kingdom of Saudi Arabia and Turkiye. They also intend to elevate the level of joint cooperation between the Saudi Export-Import Bank and Turkish financial institutions. Additionally, the agreements seek to create new commercial opportunities for Saudi exporters and encourage Turkish importers to import Saudi products and services. This is through offering them credit facilities.
Al-Shammari explained that these agreements are part of the bank’s strategy to enhance partnerships with international financial institutions. The goal is to provide credit solutions to enhance the competitiveness of Saudi non-oil exports in regional and global markets. This effort aligns with exploitation of the flourishing economic relations between Saudi Arabia and Turkiye to boost bilateral trade. Therefore, this would benefit the export of Saudi non-oil products to Turkey.
He affirmed the Saudi Export-Import Bank‘s commitment to continue intensifying efforts to develop the non-oil economy of the Kingdom. This aligns with the objectives of Saudi Vision 2030. The vision aims particularly to increase the proportion of non-oil exports to create a more diversified and sustainable economy. The bank also focuses on empowering local exporters by offering the best financial and insurance products and services.
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