Saudi EXIM Bank signs key agreements for boosting exports

Saudi EXIM Bank has recently signed agreements with Swiss and Turkish counterparts to boost the Kingdom's non-oil exports and strengthen its global market competitiveness. The reinsurance agreement with the Swiss Export Credit Agency aims to expand global insurance operations and provide coverage for Saudi exporters in international markets. This follows previous agreements with global reinsurers, including Swiss Re, to support the growth of Saudi businesses.

The trade relationship between Saudi Arabia and Switzerland has been thriving, with the Kingdom exporting goods worth $810.67 million to Switzerland in 2023. Key exports included pearls, precious metals, and aluminum. In return, Swiss exports to Saudi Arabia totaled $6.77 billion the same year.

Additionally, Saudi EXIM Bank secured a $20 million credit line with Aktif Bank in Turkey to facilitate the flow of Saudi non-oil exports to Turkish markets. The bank's CEO, Saad Al-Khalb, emphasized its commitment to supporting the Kingdom's economy and fostering trade partnerships through various agreements, including a recent one with a US counterpart.

In 2023, the total value of credit facilities implemented by Saudi EXIM Bank exceeded $4.39 billion, surpassing annual targets by 33%. This represents a significant portion of the Kingdom's non-oil outbound trade financial arrangements, highlighting the bank's pivotal role in driving economic growth and trade diversification.