Saudi EXIM Bank provides SAR 16.5 billion in credit facilities in 2023, exceeding its annual goals by 33%
The Saudi EXIM Bank has announced its annual performance for 2023, marking a series of accomplishments that exceeded its annual goals. During the year, the bank executed credit facilities amounting to SAR 16.5 billion, surpassing the planned target of SAR 12.4 billion by an impressive 33%. This represents 5.2% of the total Credit facilities for non-oil exports in the Kingdom.
Saudi EXIM Bank disbursed a total of SAR 7 billion, surpassing the annual target of SAR 5.8 billion by 20.6%. Additionally, the bank provided export credit insurance for exports worth SAR 9.5 billion, witnessing a substantial surge of 44% over the set target of SAR 6.6 billion.
In pursuit of its objectives to strengthen economic ties and foster trade exchanges with diverse global markets, the Saudi EXIM Bank participated in seven Saudi trade missions abroad. Additionally, signed 93 agreements over the year. This tally comprises 54 financing agreements, 21 insurance agreements, and 18 cooperation agreements and memoranda of understanding. One of the significant accomplishments among these is a credit facility agreement valued at 1.87 billion Saudi riyals with Trafigura Company, a major international export house. This agreement aims to facilitate Saudi non-oil exports to over 150 countries globally.
Commenting on the significant accomplishments, His Excellency Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, said: "This year's outcomes underscore the bank's dedication to its strategic goals of forging trade links with global economies, thereby facilitating Saudi non-oil exports worldwide and contributing to the objectives of the Kingdom's Vision 2030. The Bank has demonstrated outstanding performance in critical metrics and has prioritized collaborative efforts with government bodies and the private sector. This approach supports national initiatives and strategic plans designed to foster sustainable development and economic diversification."
"Throughout the year, the Bank intensified its efforts to facilitate the growth of the small and medium enterprises sector and increase its contributions to export activities. This sector serves as a crucial pillar in the growth of the national economy. We will continue our endeavors to achieve the strategic objectives and remain confident in our ability to overcome challenges with the support and empowerment of our wise leadership,” he added.
