Saudi EXIM Bank's H1 Credit Facilities Surge 44% to $6.29bn
The state lender steps up efforts to accelerate non-oil export growth.
Riyadh: Saudi Arabia’s Export-Import Bank boosted credit facilities by 44 percent in the first half of the year, reaching SR23.61 billion ($6.29 billion), as the state lender stepped up efforts to accelerate non-oil export growth.
Export financing disbursements rose 26.2 percent to SR8.87 billion in the six months to June, while credit insurance coverage surged 58.8 percent to SR14.74 billion, according to the Saudi Press Agency.
The growth supports the bank’s mandate to help double the Kingdom’s industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy.
The bank’s progress since its inception underscores its role in building a diversified and sustainable national economy.
Saudi EXIM Bank launched the “Bridges Initiative” to align with the Kingdom’s industrial transformation to speed up access to industrial inputs and enhance export competitiveness.
Fitch International assigned the bank its first credit rating, an A+, reflecting the bank’s high creditworthiness and commitment to efficiency and transparency.
The lender is working to diversify the Kingdom’s economic base by enhancing the national non-oil export system, bridging financing gaps, and reducing export risks.
In May, on the sidelines of the African Development Bank Group’s annual meetings in Cote d’Ivoire, Saudi EXIM Bank signed four agreements with African institutions to strengthen trade and investment ties.
Export financing disbursements rose 26.2 percent to SR8.87 billion in the six months to June, while credit insurance coverage surged 58.8 percent to SR14.74 billion, according to the Saudi Press Agency.
The growth supports the bank’s mandate to help double the Kingdom’s industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy.
The bank’s progress since its inception underscores its role in building a diversified and sustainable national economy.
Saudi EXIM Bank launched the “Bridges Initiative” to align with the Kingdom’s industrial transformation to speed up access to industrial inputs and enhance export competitiveness.
Fitch International assigned the bank its first credit rating, an A+, reflecting the bank’s high creditworthiness and commitment to efficiency and transparency.
The lender is working to diversify the Kingdom’s economic base by enhancing the national non-oil export system, bridging financing gaps, and reducing export risks.
In May, on the sidelines of the African Development Bank Group’s annual meetings in Cote d’Ivoire, Saudi EXIM Bank signed four agreements with African institutions to strengthen trade and investment ties.
