RIYADH, [31] Oct. – The Saudi Export-Import Bank (Saudi EXIM) signed an insurance agreement on Sunday with Bank Albilad to help boost Saudi exports.
In line with both parties’ efforts to build effective national and international partnerships, the agreement will pave the way for new credit solutions that support non-petroleum Saudi exports.
The agreement was signed at Bank Albilad’s headquarters in Riyadh by His Excellency Eng. Saad Alkhalb, CEO of Saudi EXIM, and Mr. Abdulaziz Al-Onaizan, CEO of Bank Albilad, in the presence of senior executives from both sides.
Following the signing ceremony, Eng. Alkhalb stated that the agreement is in line with Saudi EXIM’s plans to establish a number of new partnerships to aid the growth, diversity, and competitiveness of Saudi Arabia’s non-petroleum export market. The bank aims to achieve this through financing and credit insurance services, as well as a range of financial and consulting services it will offer to eligible clients.
The partnership with Bank Albilad, Eng. Alkhalb added, is also in line with Saudi EXIM’s ongoing efforts to foster greater support for Saudi non-petroleum export products and services and boost international trade. He stressed that Saudi EXIM strives to build more effective partnerships with national financial institutions, with whom the bank works to provide credit solutions that support the Saudi non-petroleum export market and contribute to a more vibrant, diverse, and sustainable economy in line with the Kingdom’s Vision 2030 objectives.
Mr. Al-Onaizan said that the agreement reflects Bank Albilad’s status as a leader in innovative banking initiatives, and is a successful example of public-private partnerships. The agreement, he added, will set the stage for many fruitful collaborations between both parties, foster a wide range of investment opportunities, and boost joint efforts to stimulate import and export activity within the Kingdom, which has already established itself as a hub for international trade and a prime investment destination.
