Saudi EXIM Bank has signed 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 and facilitate the flow of Saudi non-oil exports to the Turkish markets.
Dr. Naif bin Abdulrahman Al-Shammari, Deputy CEO of Saudi EXIM Bank signed the agreements. The agreement with Türkiye Finans Katılım Bankası A.Ş. sets the amount of $26 million, while the one with Albaraka Türk Katilim Bankasi A.S. sets at $25 million.
The agreements, besides helping to boost trade between Saudi Arabia and the Republic of Turkey, will also further increase the level of cooperation between the Saudi EXIM Bank and the two Turkish financial institutions. The collaboration will also create new opportunities for Saudi exporters and enable Turkish importers to buy Saudi products and services through tailored financial solutions.
Dr. Al-Shammari stated, "The two agreements reflect the bank's continuous efforts to strengthen its partnerships with international financial institutions. Such collaborations will facilitate the expansion and promotion of Saudi non-oil exports and enhance their competitiveness in regional and global markets. We strive to invest in the thriving economic relations between Saudi Arabia and the Republic of Turkey in a way that enhances bilateral trade, which benefits the export of Saudi non-oil products with Turkey."
Furthermore, Dr. Al-Shammari emphasized the bank's determination to increase its efforts to grow the Kingdom's non-oil economy and contribute to achieving Vision 2030 objectives. The bank is also committed to empowering local exporters by providing the most suitable financing and export credit insurance products and services.
