RIYADH, [date] Dec. – The Saudi Export-Import Bank (Saudi EXIM) signed a $26-million credit line agreement with Türkiye Finans Katılım Bankası (the Turkish Finance Participation Bank) to finance non-petroleum Saudi exports to Turkey.
The agreement, the first-ever of its kind with the Turkish side, was signed by His Excellency Eng. Saad Alkhalb, the Chief Executive Officer of Saudi EXIM, and Murat Akşam, the CEO of Türkiye Finans.
Saudi EXIM signed another agreement with the Export Credit Bank of Turkey (Türk Eximbank) for multifaceted collaboration, including the exchange of expertise and bolstering reciprocal exports between the two countries.
H. E. Eng. Alkhalb signed the agreement for Saudi EXIM with Ali Güney, his counterpart at Türk Eximbank.
Both signings came on the sidelines of the Turkey-Saudi Arabia Business and Investment Forum being held in Istanbul.
The two agreements come as part of the Saudi partnerships with Turkish financial institutions and the bank’s quest to grow and expand its local and foreign partnerships, which enable it to offer an ever-growing range of sustained credit solutions and services that help Saudi non-petroleum exports grow and become globally competitive.
“The two agreements are a step forward in the relations and a new avenue of trade between the Kingdom of Saudi Arabia and the Republic of Turkey,” said Alkhalb. “The agreements are part of Saudi EXIM’s efforts to help Saudi exporters and Turkish importers with a slew of financing and credit solutions and to plug any shortages in financing our exports to turkey.”
Alkhalb added that Saudi EXIM would be making deals with more local and international financial institutions that would be favorable to Saudi exports and, by extension, help increase non-petroleum exports’ contribution to the gross domestic product from 16 percent now to at least 50 percent by the year 2030.
Akşam, Türkiye Finans’ CEO, said that the agreement with Saudi EXIM enhances trade relations between Saudi Arabia and Turkey and presents a new opportunity for mutually beneficial investment possibilities, adding that Saudi EXIM has a respected standing in the finance and credit market and is a great supporter of Saudi exporters and Turkish importers.
Güney said that the agreement between Türk Eximbank and Saudi EXIM marks a new chapter in mutual trade. He stressed that the Turkish side is keen on enhancing cooperation between Türk Eximbank and Saudi financial institutions for the benefit of both countries, which enjoy ideal geographic locations for the benefit of global trade and strong reputations in global markets, and both countries share an ambition to move up in the global trade arena.
-ENDS-
