The Saudi Export-Import Bank has reported a significant achievement in 2023, with the implementation of credit facilities amounting to SR16.5 billion ($4.39 billion), surpassing its annual goal by 33 percent. This accomplishment accounts for 5.2 percent of the total financial support for the Kingdom’s non-oil international commerce.
These figures are reflective of the bank’s commitment to fostering trust in regional exports, facilitating their penetration into new markets, and enhancing the value of Saudi-produced goods on the global stage.
Saad Al-Khalb, CEO of Saudi EXIM Bank, stated, The results of the bank’s work during this year reflect the extent of the bank’s focus on its strategic objectives in building trade communication bridges with countries worldwide, in order to enable Saudi non-oil exports globally and achieve the objectives of the Kingdom’s Vision 2030.
Al-Khalb highlighted the bank’s substantial progress in key performance indicators and its collaborative efforts with government and private sectors to back national strategies for sustainable growth and economic diversity.
The bank’s disbursements for export financing rose to SR7 billion, a 20.6 percent increase over the target, while credit insurance for exports saw a 44 percent increase to SR9.5 billion compared to the planned figure.
In its quest to bolster economic ties and trade with diverse markets, the bank engaged in seven trade missions abroad and finalized 93 agreements, including 54 financing contracts, 21 insurance policies, and 18 collaborative agreements and memorandums of understanding.
Among the key agreements was a substantial credit facility pact with global trading firm Trafigura, valued at SR1.87 billion, designed to propel Saudi non-oil exports into more than 150 countries.
Furthermore, the Saudi EXIM Bank has amplified its efforts to empower small and medium-sized enterprises by expanding their opportunities in export activities and contributing to the sector’s growth, as emphasized by Al-Khalb.