Saudi EXIM Bank Exceeds Credit Facilities Target in 2023, Boosting Non-Oil Exports
In a remarkable achievement, the Saudi Export-Import Bank surpassed its annual target by 33 percent, reaching a total value of SR16.5 billion ($4.39 billion) in credit facilities implemented in 2023. This figure represents 5.2 percent of the Kingdom’s non-oil outbound trade financial arrangements, as reported by the Saudi Press Agency.
Strategic Focus on Enhancing Trade Communication and Economic Development
CEO Saad Al-Khalb emphasized the bank’s strategic objectives in building trade bridges with global economies to boost Saudi non-oil exports and support the Vision 2030 goals. The bank’s collaboration with government institutions and the private sector has contributed to national initiatives for sustainable development and economic diversification.
Record-Breaking Export Financing and Credit Insurance Coverage
The bank disbursed a total of SR7 billion for export financing requests, surpassing the annual target by 20.6 percent. Additionally, credit insurance coverage for exports reached SR9.5 billion, marking a 44 percent increase from the annual target.
International Engagement and Partnership Agreements
In efforts to strengthen economic relations and trade exchange globally, the bank participated in seven trade missions abroad and concluded 93 agreements during the year. These included 54 financing contracts, 21 insurance pacts, and 18 cooperation deals and memoranda of understanding. Noteworthy among these was a credit facility agreement with Trafigura, worth SR1.87 billion, aimed at expanding Saudi non-oil exports to over 150 countries.
Empowering Small and Medium Enterprises for Export Growth
Saudi EXIM Bank intensified its efforts in 2023 to support the growth of the small and medium enterprise sector and enhance their contributions to export activities. The bank’s proactive approach underlines its commitment to driving economic development and fostering international trade partnerships.