Saudi EXIM Bank Signs Reinsurance Agreements with Swiss Counterpart and Aktif Bank to Boost Non-Oil Exports
The Saudi EXIM Bank and the Swiss Export Credit Agency have signed an agreement to enhance Saudi Arabia's non-oil exports and increase global market competitiveness.
The deal includes a reinsurance agreement signed in Zurich, following previous agreements with a consortium of global reinsurers led by Swiss Re.
These agreements will expand global insurance operations and provide insurance coverage to support Saudi exporters' growth in global markets.
The trade relationship between Saudi Arabia and Switzerland is strong, with exports from the Kingdom to Switzerland totaling $810.67 million in 2023.
The Kingdom of Saudi Arabia exported pearls, precious metals, and aluminum worth $726.96 million to Switzerland in 2023.
In contrast, Swiss exports to Saudi Arabia totaled $6.77 billion.
Additionally, Saudi EXIM signed a $20 million credit line agreement with Aktif Bank in Turkey to boost non-oil exports.
EXIM Bank's CEO, Saad Al-Khalb, stated that the bank's primary role is to support the Saudi economy and trade.
In January 2024, EXIM Bank also signed an agreement with its US counterpart to enhance economic and trade relations between the two countries.
In 2023, EXIM Bank provided $4.39 billion in credit facilities, surpassing its annual goal by 33%.
This amount equates to 5.2% of the financial arrangements for Saudi Arabia's non-oil export trade.