The Saudi Export-Import (EXIM) Bank and the Saudi National Bank (SNB) signed an insurance agreement to enhance documentary credits and a major Murabaha agreement to finance the export of Saudi non-oil products. These efforts aim to boost Saudi non-oil exports, providing credit products, insurance, and financing solutions to enhance their competitiveness globally, aligning with Saudi Vision 2030 objectives.
Under the patronage of Saudi EXIM Bank CEO Eng. Saad Alkhalb and SNB CEO Tareq bin Abdulrahman Al-Sadhan, the agreements were signed at the headquarters of Saudi EXIM Bank in the King Abdullah Financial District (KAFD) in Riyadh.
The insurance policy agreement, covering commercial and political risks, was signed by Director General of the General Insurance Department at Saudi EXIM Bank Mohammed bin Omar Al-Bishr. Additionally, the major Murabaha agreement for non-oil product export financing was signed by the General Director of the Finance Department at Saudi EXIM Bank, Abdul Latif bin Saud Al-Ghaith. Head of the Group of Banking and International Institutions at SNB Nasser Al-Fraih represented the bank in signing the agreements.
Saudi EXIM Bank CEO emphasized that these agreements reflect the bank’s commitment to partnership with local financial institutions, aiming to strengthen the non-oil economy and achieve diversification in line with Saudi Vision 2030. These agreements will support the banking sector’s role in increasing Saudi exports, bridging financial gaps, and reducing non-payment risks in export operations.
SNB CEO highlighted the successful partnership between public and private sectors, contributing to the development of Saudi non-oil exports, enhancing competitiveness, and providing credit and financing solutions to build a sustainable economy in line with Saudi Vision 2030. Moreover, the agreements create opportunities for cooperation to support Saudi exporters, expand non-oil export activities, and promote growth opportunities for Saudi industries and services in new markets globally.
Source: www.spa.gov.sa