Saudi EXIM Bank signed a non-binding agreement with Macquarie Group, a leader in global asset and commodity management, to provide credit facilities worth $500 million over a period of three years. This will enhance Macquarie's purchases of Saudi goods and services and connect Saudi exporters with over 156 markets around the world.
The term sheet was signed in London by H.E. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, and Mr. Paul Plewman, regional CEO for Macquarie Group in Europe, the Middle East, and Africa (EMEA).The credit facility agreement supports the bank's efforts to grow Saudi non-oil exports and strengthen its position in global markets by providing financing services, guarantees, and export credit insurance.
Additionally, H.E. Eng. Saad Al-Khalb and Marine Bochot, head of Northern Europe region at Allinaz Trade, signed a framework agreement aimed at providing insurance solutions to reduce non-payment risks for Saudi export and import activities in European markets. Under the agreement, insurance solutions will be provided to facilitate the Saudi industrial sector's access to global supply chains in more than 50 countries around the world.
The agreement was signed on the sidelines of a workshop organized by Saudi EXIM Bank, in collaboration with Howden International Group, at the Lloyd's Global Insurance Market, with participation from the Ministry of Industry and Mineral Resources. The workshop gathered over 100 representatives from international insurance companies, where the bank highlighted the role of Saudi non-oil exports in achieving the aspirations of The National Industrial Strategy in line with Vision 2030. The bank concluded its activities by announcing an initiative aimed at mobilizing global insurance resources to facilitate local exporters' access to supply chain financing from outside the Kingdom and expand the industrial base within the Kingdom.
This comes during the visit of Saudi EXIM Bank's CEO to London, aimed at expanding the bank's economic and commercial partnerships. H.E. Alkhalb stated, "The agreement with Macquarie Group is part of our ongoing efforts to expand the reach of Saudi non-oil exports in global markets, in line with the objectives of Vision 2030. We look forward to this collaboration creating new investment and trade opportunities between the Kingdom and countries worldwide, positively impacting global economic growth and enhancing international trade."
Furthermore, H.E. affirmed that the cooperation agreement with Houden Group and Allianz Trade is part of the bank's commitment to strengthening international partnerships to provide the best global insurance solutions, benefiting the efficiency of Saudi non-oil exports for global expansion. This step aims to keep pace with the National Industrial Strategy's accelerating movement and its impact on achieving milestones in the Kingdom's economic transformation journey in accordance with Vision 2030. He emphasized the bank's focus on continuing to grow connections and build trade relationships with various global markets to open new trade opportunities, contribute to global economic growth, and enhance international trade relations.
