Saudi EXIM Bank signs agreement with Swiss counterpart to boost non-oil exports
In a significant move to enhance the Kingdom’s global market competitiveness, Saudi EXIM Bank has signed an agreement with its Swiss counterpart to boost non-oil exports. The reinsurance agreement with the Swiss Export Credit Agency was inked in Zurich, marking a milestone in the trade relationship between the two nations.
Expanding global insurance operations
Following the deal, Saudi EXIM Bank also signed reinsurance treaties with a consortium of global reinsurers led by Swiss Re in Zurich. These agreements will expand global insurance operations in collaboration with the world’s largest reinsurers, providing insurance coverage to support the growth of Saudi exporters in global markets.
Robust trade relationship with Switzerland
The trade relationship between Saudi Arabia and Switzerland has been robust, with exports from the Kingdom to the European nation totaling $810.67 million in 2023. The primary exports to Switzerland included pearls, precious metals, and aluminum, showcasing the diversity of Saudi exports.
Strengthening ties with Turkey and the US
In addition to the agreement with the Swiss counterpart, Saudi EXIM Bank also signed a $20 million credit line agreement with Turkiye-based Aktif Bank to enhance the flow of Saudi non-oil exports to Turkish markets. Furthermore, the Saudi lender inked an agreement with its US counterpart in January to boost cooperation and strengthen economic and trade relations between the two countries.
Exceeding annual targets
The total value of credit facilities implemented by Saudi EXIM Bank in 2023 reached $4.39 billion, surpassing its annual target by 33 percent. This figure represents 5.2 percent of the total financial arrangements for the Kingdom’s non-oil outbound trade, highlighting the bank’s commitment to supporting the economy and facilitating trade and infrastructure projects.