Riyadh: Saudi Arabia’s Export-Import Bank has formalized a partnership with the International Finance Corporation (IFC), a member of the World Bank Group, in order to bolster the capability of domestic exporters to penetrate new international markets.

The agreement encompasses collaborative efforts in trade finance, development, and insurance sectors, thereby granting EXIM Bank access to IFC’s syndicated financing platform on a global scale.

This partnership aims at enhancing Saudi EXIM Bank's role in co-financing transactions internationally while simultaneously fortifying its institutional framework.

The Export-Import Bank of Saudi Arabia, which is affiliated with the National Development Fund, seeks to promote economic diversification by augmenting the effectiveness of the national non-oil export system.

It endeavors to bridge financing gaps and mitigate export risks.

The accord was signed in the presence of Saad bin Abdulaziz Al-Khalb, CEO of the bank, and Khawaja Aftab Ahmed, IFC's regional director.

Al-Khalb noted that this agreement represents a significant stride towards expanding strategic partnerships with international financial and development institutions, thereby reinforcing Saudi Arabia’s position as a key trade and investment hub.

This partnership aligns with Vision 2030 objectives aimed at diversifying the economy and fostering growth in non-oil exports within the Kingdom.

Under this collaboration, EXIM Bank will integrate into IFC's primary cooperative agreement with multiple development and regional banks worldwide, setting the stage for forthcoming joint projects focused on sustainable development and trade facilitation.

Khawaja Aftab Ahmed emphasized how this partnership will empower Saudi companies to expand their international presence while promoting sustainable growth through cross-border investments.

In the first half of 2025, EXIM Bank experienced a notable increase in its credit facilities by 44%, reaching SR23.61 billion ($6.29 billion).