Saudi Energy Minister Khalid Al Falih made a massive announcement on Wednesday saying that an export bank will be launched with a capital of $8 billion to support overseas sales by its industrial and mining projects, energy.
Falih added that 5 billion riyals have been allocated as a first installment this year.
“A bank for exports with a capital of SR30 billion will be established to encourage and support exports, and SR5 billion have been allocated as a first installment this year,” he said while addressing the annual In-Kingdom Total Value Add (IKTVA) Forum organized by Saudi Aramco.
Iktva is Saudi Aramco's In-Kingdom Total Value Add initiative, and the forum aims to highlights the importance of “small and medium-sized enterprises (SMEs) in driving value creation and innovation.
Falih said that talks about upgrading capacities of industry and logistics services will not be complete without first talking about government funding for industrial and mining projects.
He cited that the Saudi Fund for Industrial Development (SIDF) capital has been boosted several times, from SR500 million at its inception to SR65 billion this year.
Falih said the IKTVA initiative forms a practical and creative model in which spending is directed towards stimulating industrial and logistic development in the Kingdom and developing national competencies.
He stressed that the program is ambitious with a spending volume of over SR1 trillion over ten years by Saudi Aramco.
The energy minister talked about national industrial development programs and logistics services that contribute to realizing the vision of the Kingdom 2030.