The Saudi Export-Import Bank (Saudi EXIM) has signed a cooperation agreement with Alinma Bank to provide bank guarantees that help local SMEs secure the financing necessary to complete and expand their export operations.
Under the agreement, Saudi EXIM will allocate a $133 million (SAR500 million) credit facility to Alinma Bank, guaranteeing up to 80 percent of the financing provided to SMEs, with a maximum guarantee of $13 million (SAR50 million) per enterprise, enabling Saudi products and services to reach diverse international markets worldwide.
The agreement was signed by the Saudi EXIM CEO, Eng. Saad Alkhalb and Alinma Bank Managing Director and CEO Abdullah Al-Khalifa, at Alinma Bank’s headquarters in Riyadh.
Eng. Alkhalb stated that, “This agreement with Alinma Bank is in line with our ongoing efforts to empower SMEs exports and enhance their global competitiveness by providing innovative credit solutions and guarantee instruments. This aligns with the objectives of Saudi Vision 2030, which aims to increase the contribution of the non-oil sector to the national economy.”
Al-Khalifa noted that, “This partnership with Saudi EXIM contributes to supporting and empowering SMEs and enhancing their export capabilities by providing access to banking solutions that strengthen the competitiveness of Saudi products and services in global markets.”
“This is in line with our continued commitment to supporting the objectives of Saudi Vision 2030, empowering the SME sector, increasing its contribution to national economic development, and enhancing the role of the banking sector in supporting Saudi non-oil exports,” he added.
Saudi EXIM supports Vision 2030 goals via export initiatives
This agreement is one of several initiatives implemented by Saudi EXIM to strengthen partnerships with the private sector to support SMEs and enhance their export capacity. It will also contribute to increasing the banking sector’s participation in financing export operations and providing diversified financing options for local exporters.
This agreement comes as an extension of a series of strategic partnerships signed by Saudi EXIM with the banking sector, including previous agreements with Arab National Bank (anb), Banque Saudi Fransi (BSF), and Riyad Bank. These efforts form part of the bank’s ongoing commitment to enabling the expansion of Saudi non-oil exports, enhancing their global competitiveness, and supporting the objectives of Saudi Vision 2030 toward diversifying the national economy.
