Saudi Export-Import Bank (Saudi EXIM Bank) has signed a reinsurance agreement with Euler Hermes, Germany's Export Credit Agency, to enhance credit risk insurance coverage and support Saudi exporters in meeting their needs for German capital goods and raw materials.
This agreement comes as part of the Bank's efforts to strengthen its partnerships with international export credit agencies, to ensure sustainable flow of critical raw materials and capital goods, and to enhance the efficiency of export activities for local enterprises.
The agreement was signed by Saudi EXIM Bank CEO H.E. Eng. Saad AlKhalb, and Euler Hermes CEO Ms. Edna Schöne.
H.E. Eng. Saad AlKhalb stated, “This reinsurance agreement with Germany's Export Credit Agency marks a pivotal step toward expanding credit risk management tools, while enabling Saudi exporters to secure the raw materials and capital goods required for business growth.
His Excellency pointed out that such cooperation with international ECAs reflects the commitment of Saudi EXIM Bank to develop advanced insurance solutions that bolster the Kingdom's foreign trade and improve the competitiveness of Saudi non-oil exports.
Through this agreement, Saudi EXIM Bank further advances its role as a champion of Saudi non-oil exports while expanding its network of international partnerships, in line with the goals of Vision 2030 to diversify the national economy and strengthen the Kingdom's position in global trade.
