Riyadh, Saudi Arabia — The Saudi EXIM Bank has given credit facilities amounting to SAR16.5 billion ($4.455 billion), surpassing the planned target of SAR12.4 billion ($3.348 billion) by 33%. They represented 5.2% of the total credit facilities for non-oil exports in the Kingdom.
Saudi EXIM Bank disbursed a total of SAR7 billion ($1.89 billion), exceeding the annual target of SAR5.8 billion ($1.566 billion) by 20.6%. Moreover, the bank provided export credit insurance for exports worth SAR9.5 billion ($2.565 billion), a substantial surge of 44% over the set target of SAR6.6 billion ($1.782 billion).
In pursuit of its objectives to strengthen economic ties and foster trade exchanges with diverse global markets, the Saudi EXIM Bank participated in seven Saudi trade missions abroad and signed 93 agreements during 2023: 54 financing agreements, 21 insurance agreements, and 18 cooperation agreements. It also signed several memoranda of understanding.
One significant accomplishment was a credit facility agreement valued at SAR1.87 billion ($503.9 million) with Trafigura Company, a major international export house. The agreement aims to facilitate Saudi non-oil exports to over 150 countries.
“This year’s outcomes underscore the bank’s dedication to its strategic goal of forging trade links with global economies, thereby facilitating Saudi non-oil exports worldwide and contributing to the objectives of the Kingdom’s Vision 2030,” Saudi EXIM Bank CEO Eng. Saad bin Abdulaziz Al-Khalb said.
“The bank has demonstrated outstanding performance in critical metrics and has prioritized collaborative efforts with government bodies and the private sector. This approach supports national initiatives and strategic plans designed to foster sustainable development and economic diversification,” Al-Khalb said.
He also said that during last year, the bank worked “to facilitate the growth of the small and medium enterprises sector, and increase its contribution to export activities”, adding that “this sector serves as a crucial pillar in the growth of the national economy”.
He pledged to “continue our endeavors to achieve the strategic objectives, and remain confident in our ability to overcome challenges with the support and empowerment of our wise leadership”.