To Enable Saudi Mining Products to Access More Than 156 Markets Around the World
The Saudi Export-Import Bank (Saudi EXIM) has signed a $300 million credit facility agreement with Glencore, one of the world's largest commodity production and marketing businesses. This agreement aims to empower Saudi non-oil exports to expand and penetrate over 156 markets worldwide, in the presence of H.E. Khalid bin Saleh Al-Mudaifer, Vice Minister for Mining Affairs, Ministry of Industry and Mineral Resources.
The agreement was signed by H.E. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, and Mr. Jyothish George, Head of Copper Marketing at Glencore, during a roundtable meeting organized by Saudi EXIM in collaboration with the Ministry of Industry and Mineral Resources in Geneva, Switzerland, titled "Saudi Arabia: A Crossroads for International Trade in Goods." The event gathered representatives from major financial and investment institutions worldwide, with the goal of attracting global export houses to invest in the Saudi market.
The agreement stipulates that Saudi EXIM Bank will finance Glencore to enhance the company's purchases of minerals exported from the Kingdom and market them to international buyers in over 156 countries. This initiative aims to strengthen the position of Saudi mineral exports and expand their geographic reach.
On this occasion, H.E. Eng. Saad Al-Khalb stated, "This agreement falls within the framework of integrated efforts to achieve Saudi Vision 2030 objectives and the National Industrial Strategy, as the Kingdom seeks to transform into a global center for mineral production and manufacturing, considering mining as a third pillar of the national industry. It also represents a step toward aligning with global efforts to develop investments in the mining sector."
He continued, "At Saudi EXIM, we are committed to supporting initiatives that enhance the mining sector's significance and its impact on both the national and global economy. Our aim is to cultivate a strong investment environment in this vital area while leveraging the Kingdom's extensive mineral resources for export. This agreement will facilitate the flow of mining products from Saudi Arabia to international markets, and we believe Glencore's marketing expertise will unlock new investment and commercial opportunities, further strengthening ties between Saudi Arabia and countries worldwide."
For his part, Mr. Jyothish George, Head of Copper and Cobalt Marketing, Glencore said: “We are delighted to partner with Saudi EXIM. We recognize the Kingdom's vital role in the supply and development of the critical minerals needed to advance everyday life. We look forward to leveraging our international footprint to support the Saudi Vision 2030 objectives."
