Saudi EXIM Signs 2 Agreements to Finance, Insure Saudi Non-Oil Exports

Saudi Export-Import Bank (Saudi EXIM) signed a non-binding agreement with Macquarie Group, a leader in global asset and commodity management, to provide credit facilities worth $500 million over a period of three years to enhance the group’s purchases of Saudi goods and services and to enable Macquarie to connect exporters in Saudi Arabia with 156 markets around the world.

The term sheet was signed in London by Saudi EXIM chief executive Saad bin Abdulaziz AlKhalab and Macquarie Group regional CEO for Europe, the Middle East, and Africa Paul Plewman.

The credit facility agreement supports the efforts of Saudi EXIM aimed at developing Saudi non-oil exports and enhancing its position in global markets by providing financing services, guarantees, and export credit insurance.

The bank also signed a framework agreement with Allianz International Insurance Group with the aim of providing insurance solutions to reduce the risks of non-payment for export and import activities.

Under the agreement, insurance solutions will be provided to facilitate the Saudi industrial sector’s access to global supply chains in more than 50 countries around the world.

The agreement was signed on the sidelines of a workshop organized by Saui EXIM, in cooperation with the Howden International Group, at the Lloyd’s Global Insurance Market, with the participation of the Ministry of Industry and Mineral Resources, which brought together more than 100 representatives of international insurance companies. At the workshop, the bank reviewed the role of Saudi non-oil exports in realizing the aspirations of the national strategy for industry in accordance with the Saudi Vision 2030.