Saudi EXIM Bank Finances Requests of SR8.95 bln to Over 50 Countries

The Saudi Export-Import Bank (EXIM) announced on Wednesday that the approved financing requests rose to 89, with a total value exceeding SR8 billion and SR95 million.

This came in a special bulletin issued on the bank’s performance, by the end of September of the current 2021 fiscal year.

The bulletin highlights the Bank’s most outstanding figures and achievements, as part of its commitment to the values of transparency and accuracy bout its financing and insurance products, its efforts to empower Saudi exporters and develop the export of national non-oil products.

This is part of the Bank’s efforts to be a major contributor to the development of the national economy and to raise the proportion of non-oil exports from 16% to 50%, according to the Kingdom’s Vision 2030 targets.

The percentage of funded small and medium enterprises (SMEs) amounted to 51% of the total requests, the bank said.

To meet the needs of Saudi exporters, the Bank has launched nine appropriate financing and insurance products.

While the number of countries to which the Bank’s products contributed has increased to 50 countries around the world, primarily China and India, followed by Belgium.

South Korea, the United States of America, the United Arab Emirates, the Netherlands, Singapore, Taiwan and Egypt are among the top 10 countries exported to.

The most prominent sectors that benefited from the bank’s products were food products, which accounted for 24%, iron and steel by 10.5%, rubber and plastics by 8.4%, paper products by 7.7%, medicines by 7.5%, agriculture and fish farming by 4.5%, in addition to petrochemical sectors (construction and plastics).