Saudi Export-Import Bank Signs Agreement with Arab National Bank

The Saudi Export-Import Bank (EXIM ) announced signing a cooperation agreement with the Arab National Bank, reported Saudi Press Agency.

Under this agreement, the Saudi Export-Import Bank will issue bank guarantees on behalf of the Arab National Bank. This step will facilitate the process for small and medium-sized enterprises to obtain the fund necessary for completing export operations.

The agreement represents one of the models through which the Saudi Export-Import Bank activates its partnership with the private sector. Furthermore, it serves the small and medium-sized enterprise segment and enhances its export capacity.

The agreement also contributes to increasing the banking sector’s contribution to financing export operations. It provides Saudi exporters with several options to access export financing.

 

The CEO of the Saudi Export-Import Bank, Saad Al-Khalb, and the CEO of the Arab National Bank Obaid Alrasheed signed the agreement. The signature took place at the headquarters of the Saudi Export-Import Bank in Riyadh.

Financing Volume to Enterprises

 

Under the agreement, the Saudi EXIM Bank guarantees up to 80% of the financing volume directed to small and medium-sized enterprises. The guarantee provided for a single enterprise can reach up to 30 million Riyals.

Saad Al-Khalb’s Remarks

 

“This cooperation agreement is an extension of the Saudi Export-Import Bank’s efforts to enhance the development of Saudi exports and increase their competitiveness,” said Al-Khalb.

He also explained that the Saudi non-oil products can access global markets by developing stimulating programs for export sector.

Moreover, the CEO added that this step is in line with the bank‘s strategy to cooperate with the private sector. The strategy also includes increasing the financing of of small and medium-sized enterprises by providing guarantees to commercial banks.

“We will continue to strive to achieve the goals of Saudi Vision 2030, especially increasing the contribution of non-oil exports to the GDP to 50% by 2030,” added Al-Khalb.

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