Tashkent, 2 September 2021: The Saudi Exim Bank signed an agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to launch an insurance product that helps Saudi banks to provide more credit facilities for the export of Saudi non-oil products. The new insurance product will also enhance Saudi banks' ability to consolidate the letters of credit received from foreign banks in favor of Saudi exporters.
The agreement was signed by the CEO of Saudi Exim Bank, His Excellency Eng. Saad bin Abdul Aziz Alkhalb, and the CEO of ICIEC, His Excellency Mr. Oussama Abdel Rahman Kaissi, in the presence of His Excellency Dr. Muhammed Sulaiman Al Jasser, President of the Islamic Development Bank (IsDB), on the sidelines of the annual meeting of the Islamic Development Bank Group, held in Tashkent, the capital city of Uzbekistan. The agreement is part of Saudi Exim Bank's continuous efforts to reduce risks and increase the export of national products through strategic partnerships with international and local financial institutions.
Eng. Alkhalb and Dr. Al Jasser also held discussions on ways to develop the Saudi economy and take advantage of the Saudi Exim Bank's expertise in financing and extending credit to support Saudi exporters and opening up new markets for exports. Eng. Alkhalb praised the role of ICIEC in developing the credit system in the Kingdom and the region, highlighting that the bank seeks to diversify and expand its partnerships with local and international financial and credit institutions. He stressed that the bank will continue to make partnerships and agreements to support and diversify its financing products and create attractive financing and credit solutions to meet the aspirations of partners and beneficiaries. He added that Saudi Exim Bank aims to enable Saudi banks to facilitate non-oil exports that would enhance the competitiveness of Saudi products, increase the impact of non-oil exports on the gross domestic product, and diversify the economy in line with the strategic goals of Vision 2030 and the Kingdom's aspirations to build a prosperous and sustainable economy.
Saudi Exim Bank's efforts are part of the initiatives supported by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and His Royal Highness the Crown Prince Mohammad bin Salman - may Allah protect them – aiming to strengthen the Kingdom's non-oil exports and increase their contribution to the national economy. Saudi Arabia's non-oil exports reached about SAR 310 billion as of the end of 2020, increasing its share from about 16% to at least 50% of non-oil GDP.
.jpeg)
