RIYADH: Saudi EXIM Bank has provided SR20 billion ($5.3 billion) to support the Kingdom’s exports since its establishment in 2020, as it continues to aid the flow of trade and cross-border transactions, according to its CEO.
Speaking at the Future Investment Initiative in Riyadh on Oct. 27, Saad bin Abdulaziz Al-Khalb said that the main mandate of EXIM is to support the economy and flow of goods, trades, infrastructure and long-term projects.
The CEO said that Saudi Arabia’s Export Credit Agency and EXIM Bank are strategic partners for commercial and financial institutions, and support them in their credit offering and mitigating financial risks while carrying out cross-border and long-term transactions.
“The Berne Union which is made of over 80 ECAs and EXIM represents 60 countries around the world. They provide financing and financing covers 13 percent of global trade annually,” said Al-Khalb.
He further noted that the main objective of EXIM is to ensure that no Saudi cross-border export fails due to a lack of insurance or financing.
