With more than $40 billion...a record jump in credit facilities from the Saudi Export Bank

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The Saudi Export-Import Bank has achieved a new achievement in its development journey, with the total credit facilities it has provided since its establishment reaching more than about 40 billion dollars (150 billion riyals). This is an indicator that reflects its growing role in enabling the growth of Saudi non-oil exports, enhancing its competitiveness and expanding its access to global markets.

This achievement comes as an extension of the rapid growth in the bank’s business, as it provided credit facilities exceeding about $13.3 billion (50 billion riyals) over a period of 18 months. It was announced that credit facilities reached about $26.7 billion (100 billion riyals) during the past year, which confirms the bank’s approach to accelerating the pace of its work to achieve development and economic goals.

The CEO of the Saudi Export-Import Bank, Engineer Saad Al-Khalab, said: “This accelerated growth in the provision of credit facilities represents one of the prominent evidence of the unlimited support from the government to support the process of sustainable development,” according to the Saudi Press Agency (SPA).

He added: “Based on its role as a development institution concerned with enabling Saudi non-oil exports in accordance with Saudi Vision 2030, the bank works according to a clear strategy that focuses on providing qualitative credit solutions that respond to the requirements of international trade and markets, and meet the needs of exporting establishments of all sizes, thus enhancing their ability to compete and expand in various international markets around the world.”

Al-Khalab described this achievement as a new milestone that prompts us to continue expanding the bank’s impact in providing credit solutions and strengthening local and international partnerships, enabling Saudi companies to access global markets with confidence, contributing to maximizing the economic impact of non-oil exports, and opening new opportunities for Saudi products and services in international markets.”

This growth embodies the emphasis on the bank’s pivotal role and its impact on enabling Saudi non-oil exports, through a set of integrated credit solutions that include export financing, guarantees, and export credit insurance for local exporters, international buyers, and local and international financial institutions, which contributes to bridging financing gaps and managing risks associated with international trade.

It is noteworthy that the Saudi Export-Import Bank operates under the supervision of the National Development Fund, and aims to develop Saudi non-oil exports and enhance their competitiveness in global markets, by providing financing and guarantee solutions and export credit insurance, which contributes to bridging financing gaps and reducing export risks, and enhances the diversification of the national economy and achieving the goals of Saudi Vision 2030.