His Excellency the Minister of Industry and Mineral Resources and Chairman of the Board of Directors of the Saudi EXIM Bank Mr. Bandar bin Ibrahim Al-Khorayef announced the activation of the bank’s role in supporting export activities in the private sector, noting what the bank finds in terms of support and empowerment from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness, the trustworthy Crown Prince May God protect them - to achieve one of the goals of the Kingdom's Vision 2030 aimed at increasing the ratio of non-oil exports to non-oil GDP.
His Excellency confirmed that work is underway to prepare the bank for the initial launch phase by attracting competencies and activating partnerships with local and international financial and insurance institutions, pointing to the holding of the first meeting of the bank’s board of directors, which was followed by a meeting of the executive committee to initiate the operation and governance of the bank, which approved 7 loans worth 310 million riyals. In addition to rescheduling 3 loans amounting to approximately 216 million riyals, adding that the bank aims to bridge the export financing gaps in the Kingdom, to serve the various segments of the beneficiaries, such as Saudi exporters and foreigners with industrial or commercial activities in the Kingdom.
Acting CEO of Saudi EXIM Bank, Dr. Nayef bin Abdulrahman Al-Shammari, explained that the bank seeks to enhance the development of Saudi exports and increase its competitiveness by providing financing services with competitive advantages in order to enhance confidence in Saudi exports and their entry into new markets and to reduce the risks of their importers and provide integrated financing and credit solutions targeting All stages of the export process, such as export financing, guarantees and export credit insurance.
Dr. Al-Shammari explained that the products are not limited to export operations only, but rather by providing financing solutions to importers who wish to buy local products, stressing that these financing products will enable local exporters to obtain the proceeds of selling their products and goods directly, while the international buyer of these products and commodities enjoys a product. My financing allows him to pay the purchase price according to easy arrangements for him, which enhances the attractiveness of local products.
Al-Shammari stated that the Export-Import Bank will provide financing products to the services sector as long as those services include satisfactory levels of local content, indicating that the bank works under the umbrella of the industry and mineral resources ecosystem and enjoys great interest and guidance from His Excellency the Minister of Industry and Mineral Resources to discuss all possible means to support and motivate local exporters to bypass The economic slowdown that accompanied the precautionary measures taken by various countries of the world, foremost of which is the Kingdom, to limit the spread of COVID-19 pandemic, praising the incentive measures and plans launched by the government of the Custodian of the Two Holy Mosques to enable the continuity of various economic activities and events, and to limit the effects of the economic slowdown. Encouraging contacting the Saudi Export and Import Bank team via e-mail info@saudiexim.gov.sa or visiting the website and registering on the electronic services portal to submit the request. www.saudiexim.gov.sa
