Riyadh, Saudi Arabia — The Saudi EXIM Bank signed an export credit insurance policy with Evonik Industries Marketing Company (ETM) to protect the risk of non-payment associated with international buyers, in a bid to catalyze the growth of Saudi non-oil exports and enhancing its prospects of accessing new regional and global markets.
The agreement was signed by the CEO of Saudi EXIM Bank, Saad Al-Khlab, and the General Manager of Evonik Industries, Abdulmohsen Al-Muhaidib.
Al-Khlab said the collaboration is an extension of the bank’s commitment to bolster the export endeavors of national institutions.
“The agreement will enable Saudi non-oil exports to enter the world’s most competitive markets. We are pleased to cooperate with Evonik Industries to drive the growth of Saudi non-oil exports across the world markets,” he added.
Emphasizing the significance of the agreement, Al-Muhaidib said: “The partnership will create wide opportunities for national enterprises to increase their exports and enter new international markets without any repayment risks. The agreement also offers credit facilities for emerging sectors, one of the most important engines of economic growth in the Kingdom of Saudi Arabia.”