https://arab.news/g2728
RIYADH: The Saudi Export-Import Bank is exploring collaboration with the Bahraini branch of BOK International Bank to provide credit solutions in support of Saudi non-oil exports.
Both the banks entered into a memorandum of understanding which was signed by EXIM Bank CEO Saad bin Abdulaziz Al-Khalb and BOK International Bank Bahrain CEO Ahmed Darwish
The potential deal comes in line with efforts by Saudi EXIM to provide additional support to the export of Saudi non-oil products and services and enhance cross-border trade, said Al-Khalb.
Darwish explained that the move paves the way for further cooperation which contributes to boosting international trade between the Kingdom and Bahrain.
It also increases the effectiveness of the export movement from and to Saudi Arabia, he added.
In a bid to encourage non-oil exports in the Kingdom, Saudi EXIM plans to boost its annual financing to SR26 billion ($7 billion) by 2026, according to its CEO.
As part of its strategic five-year plan designed to run from 2022 to 2026, the bank will facilitate Saudi Arabia’s non-oil exports to reach global markets by closing financing gaps and reducing export risks.
“Having a strategic direction is essential to ensure a comprehensive plan to reach our objectives in supporting Saudi exports,” Al-Khalb earlier told Arab News.
The strategy focuses on key performance indicators that will identify process gaps that can affect compliance and measure the progress of export companies.
It will develop an economic impact model that will include service development policies, local and international outreach programs, and a cooperation framework for commercial banks and other financial institutions.