Saudi EXIM pens line of credit agreement with Ziraat Bank

By Shilpa Annie Joseph, Official Reporter
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Saudi EXIM signs agreement with Ziraat Bank
Officials during the signing ceremony | SPA

The Saudi Export-Import Bank (Saudi EXIM) has signed a line of credit agreement worth $100 million with the Turkish Ziraat Bank, which aims at financing the export activities of Saudi non-oil products and services to Turkish markets.

The agreement comes within the EXIM’s efforts to empower the non-oil national economy and enhance the competitiveness of Saudi products in international markets. The Saudi Export-Import Bank aims to promote the development and diversification of Saudi exports and increase their ability to compete in global markets in various sectors.

Saudi EXIM chief executive Saad bin Abdulaziz AlKhalb signed the agreement in Istanbul, Republic of Turkey.

AlKhalb explained that the agreement comes within the framework of the bank’s efforts to strengthen international trade relations to open new markets for Saudi exporters to expand their activities and increase Saudi products and services to global markets, underlying the bank’s endeavor to achieve the targets of the Saudi Vision 2030 in creating a diversified and sustainable economy, maximizing the economic impact of export activities, and increasing Its contribution to non-oil gross domestic product (GDP) to 50 percent by 2030.

Last year, Saudi EXIM signed a line of credit agreements, valued at $51 million, with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. to help boost trade between the two countries.

These deals intend to facilitate the flow of Saudi non-oil exports to the Turkish markets. The agreement with Türkiye Finans Katılım Bankası A.Ş sets the amount at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million.

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