Official information revealed that a higher approval was issued for the Saudi Export-Import Bank (EXIM) to be linked organizationally with the National Development Fund, after the fund’s board of directors adopted the decision earlier this year.
Information obtained by Asharq Al-Awsat revealed that the Council of Economic and Development Affairs reported that the Committee of Experts in the Saudi Council of Ministers studied the matter in coordination with representatives from both sides, and approved the bank’s organizational linking with the fund.
Last year, the Council of Ministers approved the association of the Saudi Export-Import Bank with the Minister of Industry and Mineral Resources, provided that the bank, within six months of assuming its duties, study the suitability of its connection with the National Development Fund, present the results of the study and complete the required measures accordingly.
EXIM Bank provides financial and other assistance to importers and exporters of the Kingdom and coordinates with other institutions that work in the import-export sector.
The bank seeks to improve the efficiency of the export environment and export supporting services, increase the knowledge of export practice and develop the relevant human capital, increase the visibility of Saudi offerings in target markets and to potential buyers and facilitate business matching between exporters and potential buyers and partners.
Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the Saudi Export-Import Bank was an important tributary that supports exporters and importers by providing credit solutions that contribute to accelerating and facilitating export operations in the private sector and overcoming the obstacles facing this important activity, with the aim of increasing the impact the economy of non-oil exports in the gross domestic product.