Saudi Arabia’s leading financial agency Saudi Export-Import Bank (EXIM Bank) has officially joined the Berne Union, the global association for the export credit and investment insurance industry.
The Bank’s membership in the union represents a significant step forward in its function as a key facilitator of Saudi exports, and it underscores the developing capabilities and prospects of Saudi Arabia’s trade sector.
According to the reports, the Saudi EXIM Bank’s inclusion in the Berne Union offers a unique platform to collaborate with leading institutions to tackle major issues related to the export credit industry. Further, it aligns with the Bank’s goal of increasing national product exports through strategic collaborations with foreign and domestic financial institutions and organizations.
“We are delighted to join the prestigious Berne Union within just over a year of the Bank’s establishment. The fact that we are among this group highlights our accelerated development, building of expertise and risk-taking capacity to support Saudi exporters, enabling them to expand to new markets. We will continue to deliver on our commitment to the Saudi Vision 2030 objective to raise the Kingdom’s share of non-oil exports to 50 percent by the end of the decade.”
Established in 1934, the International Union of Credit and Investment Insurers (Berne Union) is a not-for-profit association, representing the global export credit and investment insurance industry. The members include government-backed official export credit agencies, private credit, and political risk insurers, and multilateral institutions.
The London-based organization also works extensively with international trade organizations to promote best practices in export credit insurance and cooperation as well as stability in international trade.