Ex-Im Bank Starts New Year with billions worth of Achievements & Credits

The Saudi Export-Import Bank continued its efforts to develop the export of Saudi products, contributing to the diversification and development of the local economy, as it announced the approval of credit applications with more than SR10 billion Saudi, in an achievement calculated for the bank’s proceeds and its efforts to increase the effectiveness of the alternative economy.

The final goal is to contribute to achieving the objectives of the Kingdom’s Vision 2030 by increasing the share of the Kingdom’s non-oil exports, to become a pillar in terms of the non-oil GDP and the national GDP, in general.

Approved credit requests have reached 125, since its establishment, with a total value exceeding SR10.1 billion, of which small and medium sized enterprises accounted for 53% of the total.

The bank launched financing and insurance products to suit different needs of Saudi exporters, from which importers of Saudi products benefited, in as many as 60 countries, around the world, including: China and India, followed by Belgium, as well as South Korea, United States, the Emirates, the Netherlands, Singapore, Taiwan, Egypt and other trade cooperation countries, according to a bulletin issued by the bank, at the beginning of the New Year, over its performance until the end of December of the Fiscal Year 2021.

The sectors of food products, iron and steel, rubber, plastics and paper products, pharmaceuticals, agriculture, and fish farming have come at the top of the list for sectors that export their products to world markets, along with the plastics, petrochemicals, construction, building and other vital sectors.

Export activity of these sectors represents the far-sightedness of the Kingdom’s leadership, in developing emerging sectors as well as their inputs, in addition to the pivotal role played by small and medium sized enterprises, in achieving economic growth, in the Kingdom.

In 2021, the Bank concluded several agreements and memos of understanding, targeting importers of Saudi non-oil goods, services and products, enabling them to establish footholds in regional and global markets, with the aim of opening more credit lines to empower Saudi exporters, as part of the Bank’s orientation to expand the scope of its partnerships and open new investment horizons for emerging sectors, through cooperation with international finance and credit institutions, that provide expertise, contribute to diversifying and facilitating export products and services to foreign markets, and taking the most of advantages of these markets, to furthermore, open new opportunities for the Saudi export upward trend.

These agreements gain their significance from the promising opportunities for Saudi non-oil exports of good reputation and high quality that are in line with the standards of export credit agencies, and the high competitiveness’ edge, in vital sectors that enrich regional and global markets, and contribute to bolstering trade relations between the Kingdom and its partners, all over the world.