Saudi EXIM signs $118m deals with three banks

RIYADH: The Saudi Export-Import Bank has signed nearly $118 million deals with three banks, the Saudi Press Agency reported on Monday.
EXIM signed an insurance policy with the Saudi British Bank worth $63.5 million to enhance documentary credits.
A documentary credit is a method of payment that protects both the seller (exporter) and the buyer (importer) in a contract of sale. 
The bank also signed credit line agreements worth $55 million with Arab Jordan Investment Bank and the National Bank of Iraq to support importers of Saudi goods, services and products in both the Jordanian and Iraqi markets.
The agreements were finalized during the 9th Annual Saudi Trade Finance Summit in Riyadh.