Saudi EXIM Bank has reported a significant surge in credit facilities during the first half of 2024. The bank extended SAR 16.31 billion in financing and insurance, marking a growth rate of 128% compared to SAR 7.15 billion during the same period last year. This growth reflects the bank's commitment to supporting Saudi non-oil exports and expanding the Kingdom's global market reach. Since its establishment in 2020, the bank has consistently recorded steady growth.
By the end of June 2024, export financing disbursements reached SAR 7.03 billion, reflecting a 142% increase compared to SAR 2.9 billion for the same period last year. Meanwhile, export credit insurance coverage amounted to SAR 9.28 billion, a 118% rise compared to SAR 4.25 billion in the previous year.
Commenting on these results, H.E. Eng. Saad bin Abdulaziz Alkhalb, CEO of Saudi EXIM Bank stated, "This remarkable growth in the bank's credit facilities is attributed to the government's support and its strategic vision to implement plans aimed at ensuring sustainable development and building a robust, diversified economy. As a result, we are witnessing significant progress across various sectors, including industry and exports. This progress has positively impacted the growth and development of private sector institutions and companies. Our current figures reflect the maturity of the export ecosystem and the substantial interest from local exporters in leveraging the bank's resources to expand their activities and penetrate new markets. Additionally, we have succeeded in encouraging international buyers to import Saudi products."
H.E further emphasized the bank's commitment to its strategic objectives of fostering global trade relationships to enhance Saudi non-oil exports and contribute to achieving the goals of Vision 2030. He stressed the importance of collaboration with government institutions and the private sector to drive economic growth.
