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Saudi EXIM Bank Approves Credit Worth $1.4 Bn to Boost Alternative Economy

Saudi EXIM Bank Approves Credit Worth $1.4 Bn to Boost Alternative Economy

Monday, 11 April, 2022 - 09:00
The Saudi Export-Import Bank offers credits worth billions during the first quarter (Asharq Al-Awsat)

The Saudi Export-Import Bank approved loans worth over $1.46 billion during the first quarter of 2022 to support the Vision 2030 goals.

The loans are part of the Bank's efforts to boost Saudi exports, help diversify the national economy, and increase the effectiveness of the alternative economy.

The Bank aims to increase the share of Saudi non-oil exports in the non-oil GDP as the sector grows and enters new international markets.

According to the first quarter bulletin, the value of approved financing requests amounted to SR2.5 billion. The figure was utilized by firms in energy, petrochemicals, technology, agriculture, and trade.

The value of insurance applications amounted to SR3 billion during the same period, allocated to local companies, financial institutions, and banks.

The credits provide an insurance cover that supports Saudi exporters and enhances Saudi non-oil products' presence in the regional and global markets and the commercial exchange markets between the Kingdom and its external partners.

The Bank continues its role in providing financing and insurance solutions for vital sectors as part of the Saudi efforts to develop emerging industries and their inputs.

Since the beginning of the fiscal year 2022, EXIM has signed five memorandums of understanding that aim to open more credit lines to empower Saudi exporters, expand the scope of its partnerships, and open new investment horizons for different sectors.

It collaborated with local, regional, and international finance and credit institutions that provide expertise, financing, insurance, and logistical solutions that boost export products and services and make the most of foreign markets to open new opportunities for the Saudi export movement.

The Bank has signed partnerships in various fields, including banking and investment services and technical and manufacturing solutions to increase the efficiency of energy and industry companies, energy and water projects, and logistics services.

The collaborations also provide services and solutions that increase the efficiency of Saudi export products and services and contribute to winning promising opportunities in vital sectors that support the national economy.

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