Saudi EXIM signs $ 118 million worth of deals with three commercial banks
RIYAD – The 9th annual Saudi trade finance summit kicked off on Monday with the effective participation of the Saudi Export-Import Bank (Saudi EXIM Bank), the platinum sponsor of the summit.
The summit is held under the theme âTrade and supply chain resilience and cash managementâ and brings together experts and leaders of pioneering financial institutions on one platform on the two days of November 15-16.
They will discuss stimulus plans aimed at increasing the efficiency of the economic system and changing trends in the trade finance sector until they outline the characteristics of the Saudi economy as part of the efforts. partners to develop the financial strategy and build the efficient systems necessary for the development of trade. financial sector.
CEO of Saudi Bank EXIM, Eng. Saad Al-Khalb participated in a panel discussion with representatives of government institutions on ways to improve international trade finance through a partnership between the public and private sectors and the integration of their roles in achieving the objectives of specialized strategies, such as the National Export Strategy and the National Export Strategy. Industrial strategy.
In addition to working to find new business opportunities with international partners through trade finance, risk sharing, opening new horizons for the future of supply chains and their digitization, and studying major areas of income and liquidity changes.
On the sidelines of the summit, Saudi EXIM Bank signed an insurance policy to strengthen bond accreditation with Saudi British Bank (SABB) worth SR 238 million (or approximately $ 63.5 million) .
The policy enables SABB to increase its capabilities to accept and improve bond accreditations for Saudi exports and expand its transactions with foreign banks exporting bond accreditations, where insurance coverage helps increase opportunities for Saudi products to access new markets and expand into existing markets.
Saudi EXIM Bank also signed a line of credit agreement with Jordan’s Capital Bank and the National Bank of Iraq worth a total of $ 55 million to support importers of Saudi goods, services and products in Jordanian markets and Iraqi.
Both agreements are important because of the promising opportunities for Saudi exports to the two countries and the good reputation of Saudi non-oil products known for their high quality and rate of competitiveness in vital sectors that enrich regional markets and contribute to support trade relations. between Saudi Arabia and Jordan and Iraq. – SPA