Arab News, Wed, Aug 14, 2024 | Safar 10, 1446
Saudi EXIM Bank secures $10m credit line with Mauritania to boost non-oil exports
Saudi Arabia:
A $10 million credit line agreement was signed between Saudi EXIM Bank and
Mauritania Investment Bank aims to enhance the Kingdom’s non-oil exports to the
African nation and strengthen bilateral trade relations.
The deal, signed at EXIM Bank’s headquarters, is
intended to boost exports in key sectors, open new trading opportunities for
Saudi exporters, and encourage Mauritanian importers to source Saudi products
and
services.
This initiative aligns with Saudi EXIM Bank’s
efforts to support a diversified and sustainable economy, maximizing the
economic impact of exports in line with Saudi Vision 2030.
Abdulatif Al-Ghaith, director general of lending
at Saudi EXIM Bank, said: “This agreement falls within the framework of the
bank’s efforts to provide financing solutions that contribute to the development
of Saudi non-oil exports and enhance their competitiveness in African markets,
especially in Mauritania.”
The collaboration also paves the way for increased
trade and investment between Saudi Arabia and Mauritania, extending a series of
financing agreements that EXIM Bank has established with international financial
institutions.
In 2022, Saudi Arabia exported $13.8 million worth
of goods to Mauritania, including cement, concentrated milk, and ethylene
polymers, according to the Observatory of Economic Complexity. This online
platform provides data visualization and insights on global trade patterns.
In the same year, the African nation’s exports to
the Kingdom totaled $167,000, primarily consisting of plastic products,
non-fillet frozen fish, and animal food, according to the online platform.
“This agreement will play a pivotal role in
enhancing opportunities and providing financing for Mauritanian clients who
collaborate with local exporters in the Kingdom, which will positively reflect
on mutual trade,” said Cheikhna Bashir, head of international affairs and
external relations at Mauritanian Investment Bank.
In July, Saudi EXIM Bank and InvestChile signed a
memorandum of understanding aimed at strengthening cooperation and boosting
Saudi non-oil exports to South America, thereby enhancing bilateral business
relations.
In 2023, Saudi EXIM Bank provided SR16.5 billion
($4.39 billion) in credit facilities, surpassing its annual target by 33 percent
and accounting for 5.2 percent of the Kingdom’s non-oil export financing. Export
financing disbursements totaled SR7 billion, exceeding the annual target by 20.6
percent, while credit insurance coverage for exports reached SR9.5 billion,
surpassing the target by 44 percent.