The Saudi EXIM bank and the Arab National Bank (ANB) on January 8, 2023 signed an agreement to establish a partnership to provide credit insurance and credit solutions in Saudi Arabia.
The agreement was signed by His Excellency Eng. Saad Alkhalb, the Chief Executive Officer of EXIM Bank, and Mr. Obaid Al-Rashid, his counterpart at ANB, with senior officials from both sides attending.
Through the provision of credit insurance and credit solutions, Saudi EXIM Bank and ANB seek to support Saudi exporters increase non-petroleum exports from the Kingdom, and open new regional and global markets for locally produced goods and services.
The agreement comes as part of a joint initiative to foster the growth and competitiveness of Saudi non-petroleum exports. Saudi EXIM Bank and ANB will broaden and strengthen their relationships with foreign banks that issue Saudi exporters insurance credit providing them with more and better financing and credit insurance options.
Alkhalb said that the agreement is aimed to continue Saudi EXIM Bank`s role of empowering Saudi exporters through strategic partnerships that bolster the competitiveness of non-petroleum Saudi exports.
He added that an agreement with a well-established, experienced financial institution such as ANB would offer a boost to national exports, as it facilitates new financing and insurance solutions to support and stimulate Saudi Arabia’s non-petroleum exports. “We are proud to further our efforts to help achieve the vision 2030 targets of increasing non-petroleum exports and creating a dynamic, sustainable economy through this partnership.”
Mr. Al-Rashid, CEO of ANB, underlined ANB’s readiness to put its resources in the service of a deeper, broader public-private partnership in supporting Saudi non-petroleum goods and services become more competitive across international markets.
