Saudi Export-Import Bank (Saudi EXIM) participated in TXF Global 2024, which concluded yesterday in Athens, Greece. The conference focused on discussing opportunities and challenges and exchanging ideas and expertise regarding export credit solutions and trade finance.
H.E. Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, spoke about the bank's role in developing Saudi non-oil exports in global markets. Since its establishment, the bank has provided credit facilities, including financing and insurance, exceeding $12 billion, with one-third of this amount facilitated in 2023 alone. He indicated that the bank plans to increase its annual contribution to over $20 billion by 2030.
H.E. added that the bank collaborates with major global trading houses like Trafigura to finance the purchase of Saudi products, primarily in mining, with a value of $500 million. He also said that the bank issued the largest insurance policy in the Middle East, worth $2 billion, covering 450 financial institutions.
Furthermore, he stressed the bank's contribution to the Kingdom's initiatives towards sustainability and renewable projects locally, regionally, and globally. Saudi EXIM Bank is working to strengthen relationships with export credit agencies to boost growth in untapped markets. Additionally, there are 800 industrial investment opportunities with a value exceeding $400 billion that the bank aims to implement over the next ten years. He highlighted promising projects in the Kingdom, such as Qiddiya and green hydrogen in NEOM, pointing out that the goal is to increase the number of industrial establishments from 11,000 to 36,000 by 2035.
On the sidelines of the conference, H.E. signed a Memorandum of Understanding (MoU) with Mr. Grigoris Stamatopoulos, CEO of Export Credit Greece, with the aim of enhancing economic cooperation and trade exchange between the Kingdom and Greece, including ways to grow Saudi non-oil exports to Greek markets.
He also signed another MoU with the Director General of the Swedish Export Credit Agency, Anna Karin Jatko. This MoU aims to enhance cooperation between the two sides and explore commercial and investment opportunities, promoting Saudi non-oil exports in Swedish markets.
