The Saudi Export-Import Bank and Pakistan’s Bank Alfalah have signed a $15 million agreement to enhance Saudi exporters’ access to the Pakistani market, aiming to strengthen economic ties between the two nations.
This financing deal is set to boost the flow and competitiveness of Saudi non-oil exports, opening new trade opportunities. It aligns with Pakistan’s ongoing efforts to deepen trade relations with Saudi Arabia, which recently committed to a $5 billion investment package for Pakistan.
The initiative supports Saudi EXIM’s objective of diversifying the Kingdom’s economy by providing financing and insurance for non-oil exports, in line with Vision 2030.
Abdul Latif bin Saud Al-Ghaith, General Director of the Finance Department at Saudi EXIM Bank, highlighted the agreement’s role in fostering strategic ties with international financial institutions, enhancing Saudi exports’ competitiveness in Pakistan, and creating promising trade and investment prospects.
Farooq Ahmed Khan, Group Head at Bank Alfalah, described the agreement as a significant step in strengthening trade relations. He emphasized that the financing line would allow Pakistani companies access to high-quality Saudi products, increasing trade volume between the two countries.
In addition, Saudi businessmen have shown optimism for collaborations in Pakistan, citing the country’s economic stability and improved regulatory environment as attractive factors, following numerous agreements between companies from both nations.