The Saudi Export-Import Bank (EXIM) launched a new strategy to facilitate national non-oil exports to reach global markets for the next five years.
The strategy enables Saudi non-oil exports to reach global markets by closing financing gaps and reducing export risks.
It focuses on maximizing the economic impact of the Bank's activities, improving customer experience, ensuring financial sustainability and operational efficiency, attracting and developing talent, and making the most of the available technologies.
EXIM announced the 2022 - 2026 strategy that was approved by the Board of Directors of the National Development Fund (NDF) during a meeting that included Minister of Industry and Mineral Resources Bandar Alkhorayef and EXIM CEO Saad Alkhalb.
Alkhorayef stressed that the importance of the new strategy lies in directing the Bank's efforts to serve the goals and interests of national strategies to help achieve Vision 2030.
It also facilitates efforts to serve local exporters in cooperation with the relevant authorities within the systems of enabling exports, industry, and mining.
The Minister stated that the Bank is contributing to reaching the Vision's goals of increasing non-oil exports to 50 percent of non-oil domestic product.
The Bank, he continued, is the official export credit and guarantee agency that provides solutions and facilities credit to exporters and their clients.
He stressed the commitment of the Bank to supporting the relevant national strategies and combining its efforts with the relevant authorities to achieve the national goals.
For his part, Alkhalb explained that the EXIM aims to maximize the development impact of its activities on the national economy and on Saudi non-oil exports in particular.
He said the plans allow the private financial sector to contribute in developing the Kingdom's non-oil exports through various credit solutions in terms of financing and insurance.
Alkhalb also added that the initiatives ensure effective partnerships with local, regional, and global agencies and provide opportunities for vital sectors to provide competitive non-oil products and services.
It increases the contribution of the sector's exports to the GDP and boosts the country's position in global trade, Alkhalb remarked.
EXIM provided over $1.5 billion in credits to empower Saudi exporters to boost their role in supporting the goals of Vision 2030 and boost its aspirations to increase the effectiveness of the alternative economy and raise the share of Saudi non-oil exports in the total non-oil GDP.
The Bank also signed five memoranda of understanding that support the its drive to seize more opportunities to empower Saudi exporters, expand the scope of its partnerships, and open new investment horizons for various sectors through cooperation with local, regional, and international finance and credit institutions.