Riyadh, 31 March 2021: In light of the Kingdom’s efforts to support Saudi exports and enhance their impact on the development of the national economy, the Saudi Export-Import Bank (Saudi EXIM Bank) is preparing to enter a new phase following its launch in February 2020. The bank will further strengthen its position within the Saudi export empowerment system by launching a range of valuable services and products designed to support the re-export of exports and imports, in addition to attracting national talents, developing strategic partnerships to achieve transformation towards an alternative economy, and ensuring a brighter and more competitive future for Saudi exports.
Dr. Naif bin Abdulrahman Al Shammari, Acting CEO of the Saudi EXIM Bank, commented that this step comes within the bank’s efforts to provide exporters in Saudi Arabia with appropriate financing solutions that help advance non-oil exports and maximize their access to global markets. He further explained that this stands as one of the most important pillars of Vision 2030, which seeks to increase the contribution of non-oil exports to non-oil GDP as part of the Custodian of the Two Holy Mosques HRH King Salman bin Abdulaziz Al Saud and Crown Prince HRH Prince Mohammed bin Salman bin Abdulaziz’s plans to build a prosperous economy and foster sustainable development.
Dr. Al Shammari added that the bank is playing its role within the Saudi export system and praised the support of the Kingdom’s leaders. He also expressed gratitude for the attentiveness of the Minister of Industry and Mineral Resources and Chairman of the Saudi EXIM Bank, HE Mr. Bandar bin Ibrahim Al Khorayef, who is strongly committed to the bank’s active role in developing the national economy and meeting the needs of exporters by providing competitive financing services that strengthen trust in Saudi exports and facilitate their entry to new markets. This is in addition to innovating financing and insurance solutions within integrated services that target all stages of the exporting process, such as financing exports and guarantees, providing export credit insurance, and other solutions that will help bridge the gaps in the financial services provided to the import and export sector.
The government of the Custodian of the Two Holy Mosques has allocated SAR 30 billion in capital to the Saudi EXIM Bank to support and develop Saudi exports and provide financing services that enable local products to enter new markets, in addition to enhancing opportunities for increased demand on Saudi products while considering the high demand for such products in regional and global markets.
