RIYADH: Saudi EXIM Bank and its Swiss counterpart have signed an agreement to boost the Kingdom’s non-oil exports, enhancing their global market competitiveness.
In an X post following the deal, the Saudi lender stated that the reinsurance agreement with the Swiss Export Credit Agency was signed in Zurich.
This development follows Saudi EXIM’s signing of 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 and provide insurance coverage to support the growth of Saudi exporters in global markets.
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, according to the UN’s database on international trade.
The Kingdom’s primary exports to Switzerland included pearls, precious metals, and aluminum, valued at $587.57 million and $139.39 million, respectively.
On the other hand, Swiss exports to Saudi Arabia amounted to $6.77 billion in 2023.
Meanwhile, Saudi EXIM 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.
In October 2023, Saad Al-Khalb, CEO of EXIM Bank, told Arab News that the main mandate of the financial institution is to support the Kingdom’s economy and flow of goods, trades, infrastructure and long-term projects.
In January, the Saudi lender also signed an agreement with its US counterpart to boost cooperation and help strengthen economic and trade relations between the two countries.
The total value of credit facilities implemented by the EXIM Bank in 2023 reached $4.39 billion, exceeding its annual target by 33 percent, the Saudi Press Agency reported.
This figure represents 5.2 percent of the total financial arrangements for the Kingdom’s non-oil outbound trade.
