In an effort to stimulate commercial activity and the flow of goods between Saudi Arabia and Türkiye, the Saudi EXIM Bank has established two credit agreements totaling $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. These agreements will support Saudi non-oil exporters’ entry into Turkish markets.
The signing was carried out by Dr. Naif bin Abdul Rahman Al-Shammari, the Deputy CEO of the Saudi EXIM Bank. The collaboration with Türkiye Finans Katılım Bankası is anchored at $26 million, while the partnership with Albaraka Türk Katilim Bankasi stands at $25 million.
These financial accords aim to not only bolster commerce between Saudi Arabia and the Republic of Türkiye but also to deepen the ties between Saudi EXIM Bank and the two Turkish banking entities. The initiative is expected to carve out new avenues for Saudi exporters, affording Turkish buyers the means to procure Saudi goods and services through customized financing options.
Dr. Al-Shammari highlighted the strategic nature of the agreements, noting their alignment with the bank’s ongoing initiative to fortify international financial relationships. This strategic move is anticipated to propel the growth and outreach of Saudi non-oil exports, elevating their standing in both regional and international arenas. “Our commitment is to harness the flourishing economic rapport between Saudi Arabia and the Republic of Türkiye to bolster intra-industry trade and the exports of Saudi non-oil products with Türkiye,” Al-Shammari emphasized.
Further to his statement, Al-Shammari underscored the Saudi EXIM Bank’s resolve to boost the non-oil sector of the Kingdom’s economy, which is a pivotal component of the Vision 2030 blueprint. The bank stands firm in its mission to empower local exporters through the provision of optimal financing solutions and export credit insurance products.