RIYADH, 10 Apr. – In its continued efforts to aid national manufacturing industry growth and overall economic diversification, the Saudi Export-Import Bank (Saudi EXIM) has announced that it had granted more than SAR 5.5 billion in credit by the end of the first quarter of fiscal year 2022.
With this much credit granted, the bank has once again affirmed its position as a key driver of the Kingdom’s Vision 2030 objectives for a more empowered and diverse national economy whose non-petroleum exports contribute significantly to its GDP as they penetrate into new global markets.
According to Saudi EXIM’s Q1 financial statement, the bank has granted more than SAR 2.5 billion to companies investing in energy, petrochemicals, packaging, trade, contracting, farming, and technology.
The remaining SAR 3 billion was granted to financial companies and local banks as insurance coverage to empower Saudi exporters and give their non-petroleum products a stronger presence in the regional market, while also promoting them to the Kingdom’s many global trade partners.
Saudi EXIM also continues to provide financing and credit insurance solutions for exporters across key industries to help bolster the Saudi government’s sector revenue growth efforts.
During this year’s Q1, Saudi EXIM signed five agreements and Memoranda of Understanding to secure more credit lines for Saudi exporters, broaden its partnerships, and create new avenues for investment across various sectors. Working with local, regional, and international financing and credit corporations, Saudi EXIM draws on their expertise in financing, credit, and logistics solutions to empower Saudi exports and capitalize on various foreign market opportunities.
During the same quarter, the bank also commenced numerous partnerships in banking, investment services, and technology and manufacturing solutions to boost the efficiency of energy and manufacturing companies as well as the efficiency of projects across the energy, water, and logistics sectors. These partnerships all contribute to the banks overall efforts to create promising new opportunities in key economic sectors.
