Saudi EXIM Launches New Strategy to Reach Global Markets
During the meeting, which the bank organized recently, in the presence of the Minister of Industry and Mineral Resources, the Saudi Export-Import Bank (EXIM) launched its strategic plan for the next five years (2022-2026.
It (The strategic plan) was approved by the Board of Directors of the National Development Fund.
“The bank will work to implement it according to a practical methodology to achieve its ambitious goals”, Bandar Al-Khorayef, Chairman of the Board of Directors, Eng. Saad Al-Khalb, CEO, and Bank staff said.
The policy, according to the bank, was created to help Saudi non-oil exports access global markets by eliminating funding gaps and lowering export risks, financial viability, operational efficiency, and effectiveness, as well as acquiring and nurturing talents.
As a result of efforts and numerous meetings with experts and specialists from local, regional, and global financial institutions, as well as a variety of export credit and guarantee agencies around the world, studying the needs of private sector partners, the Bank’s strategy for the coming period was in line with the relevant national strategies.
On the occasion of the National Development Fund’s Board of Directors adopted the Bank’s strategy, Bandar Al-Khorayef emphasized the bank’s role as the main financial enabler for the development of Saudi non-oil exports, as well as its contribution to the Kingdom’s Vision 2030 goals of increasing the proportion of Saudi non-oil exports to 50% of non-oil domestic product.
The bank is the official Saudi export credit and guarantee agency that provides credit solutions and facilities for Saudi exporters and their importing clients abroad.
In turn, Al-Khilb praised the Bank’s smart leadership and the recently authorized strategy by the Board of Directors of the National Development Fund, led by the Saudi Crown Prince, which serves as a strong motivator for the Bank to achieve its strategic goals and undertake future projects.
He said that the bank’s ambitious strategy aims to maximize the developmental effect of its actions on the national economy in general and Saudi non-oil exports in particular, alluding to the bank’s goals and initiatives to strengthen its position as a key enabler of Saudi non-oil exports.
It also aims to close credit gaps, reduce export and re-export risks of Saudi non-oil goods and services, enable the private financial sector to contribute to the development of the Kingdom’s non-oil exports through various credit solutions in terms of financing and insurance, as well as effective partnerships with local, regional, and global authorities.
