The Saudi Export-Import Bank signed a new framework agreement with the International Islamic Trade Finance Corporation (ITFC) to provide financing, insurance and guarantee services to the Bank’s clients. The agreement aims to strengthen the Saudi EXIM Bank’s leading role in stimulating the private sector, as well as supporting and developing companies engaged in exports in Saudi Arabia.
The new framework agreement was signed during a virtual ceremony by H.E. Eng. Saad Abdulaziz AlKhalb, CEO of the Saudi EXIM Bank, and H.E. Eng. Hani Salem Sonbol, CEO of ITFC. The agreement includes the provision of credit facilities products including Pre-Export Financing, Import Financing, Buyer’s Credit, Supplier’s Financing, and Line of Credit for international and local banks.
Commenting on the agreement, H.E. Eng. Al-Khalb said that he is delighted to partner with ITFC to contribute to the Saudi government’s efforts in promoting and supporting exports, banks, and financial institutions. It will also increase the support for Saudi exporters and international buyers of Saudi non-oil goods and services through financing and insurance products. In addition, the partnership will encourage Saudi and non-Saudi financial institutions to expand the provision of direct and indirect credit facilities.
H.E. Eng. Sonbol added that “ITFC recognizes the challenges faced by the private sector in the Kingdom, especially SMEs, and the difficulties they face in terms of access to financing services necessary to support their commercial and export activities. Through our new partnerships, we aim to support the Saudi EXIM Bank to provide them adequate and appropriate access to financing and credit facilities.”
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