In a significant move to bolster non-oil exports, the Saudi EXIM Bank has partnered with the Swedish Export Credit Agency through a memorandum of understanding. This collaboration intends to fortify trade relations, magnify Saudi Arabia’s presence in Swedish markets, and explore fresh investment avenues.
The agreement was formalized in Athens, where Saad Al-Khalb, the CEO of Saudi EXIM, and Anna-Karin Jatko, the director general of EKN, sealed the partnership. The alliance is set to improve the flow and broaden the reach of Saudi non-oil exports.
Al-Khalb, who attended the TXF Global 2024 event in Athens, shared insights on the bank’s substantial impact in providing $12 billion in credit facilities, including both lending and insurance provisions. He also laid out an ambitious plan to escalate the annual credit facilities to over $20 billion by the year 2030.
Noteworthy is the bank’s record-breaking insurance policy issuance in the Middle East, valued at $2 billion, which encompasses 450 financial institutions. The CEO also shed light on Saudi EXIM’s support for sustainability and renewable energy efforts, emphasizing its global and domestic engagements.
In his international meetings, Al-Khalb spoke with Raja Al-Mazrouei, CEO of Etihad Credit Insurance, discussing potential collaborative strategies to enhance regional trade and commercial projects. His dialogue with John Hopkins, CEO of Export Finance Australia, revolved around reinforcing economic ties and paving the way for Saudi exports into Australian markets.
Engagements with Andre Gazal of Credit Agricole Bank centered on reviewing joint project progress and exploring partnerships targeting African markets. Meanwhile, Al-Khalb’s conversation with Richard Hodder from Citibank focused on advancing cooperative efforts to provide credit solutions for the growth of Saudi non-oil exports.
The bank’s endeavors align with its vision to empower the Saudi non-oil economy on a global scale, ensuring smoother access to international markets, bridging financial gaps, and reducing export risks. Discussions with Tone Lunde Bakker, CEO of Export Finance Norway, further emphasized the bank’s commitment to fostering trade relations and facilitating the reach of Saudi non-oil exports internationally.