Arab News, Wed, Mar 20, 2024 | Ramadan 10, 1445
Saudi EXIM exceeds annual credit facilities target by 33%
Saudi Arabia:
The total value of credit facilities implemented by the Saudi Export-Import Bank
in 2023 reached SR16.5 billion ($4.39 billion), exceeding the annual target by
33 percent.
This figure represents 5.2 percent of the total
financial arrangements for the Kingdom’s non-oil outbound trade, the Saudi Press
Agency reported.
This falls in line with the institution’s aim to
enhance confidence in regional exports and their entry into new markets, and
aligns well with its goal of adding value to Saudi-made exports and imports.
“The results of the bank’s work during this year
reflect the extent of the bank’s focus on its strategic objectives in building
bridges of trade communication with the economies of countries around the world,
in order to enable Saudi non-oil exports globally and achieve the objectives of
the Kingdom’s Vision 2030,” CEO of Saudi EXIM Bank Saad Al-Khalb said.
“The bank has achieved remarkable excellence in
key performance indicators, as well as focusing on integrated work with
government institutions and the private sector to contribute to national
initiatives and strategic plans aimed at supporting the process of sustainable
development and economic diversification,” he added.
Moreover, the total amounts disbursed for export
financing requests amounted to SR7 billion, reflecting an increase of 20.6
percent from the annual target.
Additionally, the total amounts of exports covered
through credit insurance reached SR9.5 billion, up 44 percent compared to the
annual target.
In the context of seeking to enhance economic
relations and trade exchange with various regional and global markets, the bank
participated in a total of seven trade missions abroad.
It also concluded 93 agreements during the year,
distributed 54 financing contracts, 21 insurance pacts, and 18 cooperation deals
and memoranda of understanding.
The most prominent deal was a credit facility
agreement with Trafigura, one of the leading global export houses, worth SR1.87
billion, with the aim of enabling Saudi non-oil exports to reach over 150
countries.
During 2023, Saudi EXIM Bank also intensified its
activity toward empowering the small and medium enterprise sector with growth
opportunities and raising their contributions to export activities, according to
Al-Khalb.