RIYADH, July – Credit lines worth over SAR2.86 billion were made available during the second quarter of the fiscal year 2022, Saudi EXIM Bank announced on [day of week].
Of the total, SAR710 million were approved for financing, while the remainder were granted as export credit lines, bringing the bank’s total credit facilities for the year to SAR8.3 billion.
The credit loans and lines come as part of Saudi EXIM Bank’s efforts to offer more financing and credit solutions that help Saudi exporters grow their business, increase non-petroleum national exports, and help diversify the national economy. Finance, fertilizer, petrochemicals, glass, and plastics sectors are some of many that benefited from Saudi EXIM Bank’s lending.
According to the bank’s Q2 performance report, by the end of the first half of the year, approved applications for credit by financial institutions amounted to SAR3.2 billion, while insurance coverage reached SAR5.06 billion.
These securities helped to support exports to international markets, including the United States, the United Kingdom, China, Sweden, India, France, and Pakistan, as well as many countries in Asia, Africa, Europe, and South America. The bank’s credit line has been instrumental in ensuring a greater reach and the proliferation of non-petroleum Saudi products across international markets and among the Kingdom’s trade partners. This is in alignment with the bank’s current five-year strategy that aims to enable non-petroleum national exports to reach global markets by bridging credit deficiencies and minimizing export risks.
Since its establishment, Saudi EXIM Bank has been offering export financing and securities and as well as financial and economic consultancy to Saudi exporters, providing them the best possible solutions and services to help them grow and diversify the national export portfolio.
