ExIm Bank, French COFACE, Bpifrance Assurance Co-sign Tripartite Accord

Saudi Export-Import Bank (Exim) and the French Insurance Company for Foreign Trade (COFACE) have signed a reinsurance arrangement to help Saudi services and goods reach worldwide markets.

The agreement is part of the bank’s efforts to activate insurance products for Saudi exporters, and to provide insurance cover for Saudi exports against political and commercial non-payment risks, thereby increasing the competitiveness of Saudi products in foreign markets, and to complement the bank’s efforts to form partnerships with reinsurers and international credit and guarantee institutions, in order to benefit from international houses of expertise.

Exim has signed a memorandum of understanding with Bpifrance Assurance Export, a French export guarantee organization, with the goal of improving cooperation on multiple levels, including exchanging information, experiences, and best credit practices.

It intends to enter into more relationships with international lending institutions to help Saudi Arabia’s non-oil exports and increase commercial exchange with other countries.

The Bank’s efforts are in line with the government’s interest in promoting and empowering non-oil exports and increasing their impact on national economic development, in line with the Kingdom’s Vision 2030 objectives and aspirations to export more Saudi products and services, increasing their percentage of non-oil GDP from around 16 percent to at least 50%.