Saudi Arabia’s leading financial agency Saudi Export-Import Bank (EXIM Bank) has partnered with the leading French credit insurer, Compagnie Française d’Assurance pour le Commerce Extérieur (Coface) to support the development and diversification of the country’s non-oil exports and promote global economic and trade cooperation.
The partnership agreement between Saudi EXIM Bank and Coface also comes in line with its target of expanding partnerships in reinsurance.
The deal aims at supporting importers of Saudi services and products in international markets. The two parties will also join hands to offer insurance products for Saudi-based exporters to provide insurance cover for exports from the country against political and commercial non-payment risks, thus contributing to increasing the competitiveness of Saudi products in foreign markets.
The strategic partnership comes as an extension of Saudi EXIM Bank’s efforts to create collaborations with reinsurers and global credit and guarantee institutions, to benefit from their expertise in offering credit solutions that support Saudi exporters in global markets.
The bank plans to conclude more agreements to support the growth and development of the Kingdom’s private sector with a strong focus on non-oil exporters through bridging financing gaps and mitigating export risks.
In line with its trade development initiatives, Saudi EXIM Bank aims to deliver on the ambitious vision of Saudi Arabia to diversify its economic base by promoting and enabling non-oil exports in line with the objectives of Saudi Vision 2030, which aims at boosting the exports of Saudi non-oil products and services to raise their share in GDP from 16 percent to 50 percent by the end of this decade.
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