BUDAPEST, 14 October 2021 – The Saudi Export-Import Bank (Saudi EXIM) today granted a USD 25 million credit line to the State Export-Import Bank of Ukraine (Ukreximbank), with the aim of enhancing trade between the two countries.
The credit line is the first step towards supporting importers of Saudi goods, services, and products in Ukraine and its neighboring countries.
The signing-off was held on the sidelines of the annual general meeting (AGM) of the Berne Union - the international organization and community of leading export credit and political risk insurers – held in the Hungarian capital, Budapest, from 11 to 14 October.
This is Saudi EXIM's first participation in a meeting of the Berne Union, having joined the union earlier this year under the leadership of the bank's Chief Executive Officer, His Excellency Eng. Saad Alkhalb.
This is also the first time Saudi EXIM has approved a credit line for a financial institution in Ukraine, a country that offers promising prospects for Saudi exporters in several sectors, particularly irrigation and agriculture.
Saudi EXIM also signed a memorandum of understanding with the Export Insurance Agency of Russia (EXIAR) to boost trade and shares credit expertise and best practices.
