Saudi Arabia Export-Import Bank (EXIM Bank), Kingdom’s leading financial agency has signed a contract with Islamic Corporation for Investment Export Credit Insurance (ICIEC) to launch special insurance products that help Saudi banks offer more credit lines for the export of Saudi Arabian non-oil products.
The agreement was signed by the CEO of EXIM Bank, Eng. Saad Bin Abdulaziz Al-Khalb and the CEO of ICIEC Mr. Osama Bin Abdulrahman Al-Qaisi on the sidelines of the annual meeting of the Islamic Development Bank Group (IDB) in Tashkent, Uzbekistan. IDB President Dr. Mohammad Bin Sulaiman Al-Jasser attended the signing ceremony.
The agreement is part of the bank’s ongoing efforts to reduce risks and increase the volume of national product exports by forming strategic partnerships with international and local financial institutions, which will allow Saudi banks to improve their ability to enhance letters of credit received from foreign banks for the benefit of Saudi exporters.
Mr. Al-Khalb hailed ICIEC’s contribution to the development of the region’s and Kingdom’s credit systems, noting that the bank is aiming to diversify and expand its ties with local and international financial and credit organizations.
The bank will continue to engage in partnerships and agreements in order to support and diversify financing products, as well as to develop attractive financing and credit solutions that will meet the needs of all partners and beneficiaries, allowing Saudi banks to support the export of non-oil products.
This will improve the Saudi product’s competitiveness, increase the GDP impact of non-oil exports, and diversify the alternative economy as a strategic goal that supports the Kingdom’s vision 2030 and aspirations to establish a wealthy and sustainable economy.