Riyadh, Saudi Arabia – Saudi EXIM Bank signed line of credit agreements worth $51 million with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S.
The agreement is likely to help boost trade between the two countries and facilitate the flow of Saudi non-oil exports to the Turkish markets.
Saudi EXIM Bank Deputy CEO Dr. Naif bin Abdul Rahman Al-Shammari signed the agreements.
The agreement with Türkiye Finans Katılım Bankası A.Ş values at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million.
The agreements will also further increase the level of cooperation between the Saudi EXIM Bank and the two Turkish financial institutions.
The collaboration will also create new opportunities for Saudi exporters and enable Turkish importers to buy Saudi products and services through tailored financial solutions.
Al-Shammari said, “The two agreements reflect the bank’s continuous efforts to strengthen its partnerships with international financial institutions. Such collaborations will facilitate the expansion and promotion of Saudi non-oil exports and enhance their competitiveness in regional and global markets.”
He said, “We strive to invest in the thriving economic relations between Saudi Arabia and the Republic of Türkiye in a way that enhances intra-industry trade, and export of Saudi non-oil products with Türkiye.”
He added that the Saudi EXIM Bank is determined to intensify its efforts to increase the non-oil economy of the Kingdom and contribute to achieving Vision 2030 goals and is also committed to enable local exporters by providing the most suitable financing and export credit insurance products and services.