Saudi EXIM Bank helps businesses export to 50 countries with financing worth $2.3 billion

Web DeskWeb Editor

07th Oct, 2021. 03:56 pm

RIYADH: Saudi Arabia’s Export-Import (EXIM) Bank helped the businesses export to 50 countries by the end of September, with food, iron and steel, and plastics products leading the way, Arab News reported.

EXIM announced it had approved 89 finance requests, up from 81 by mid-August, with a total value exceeding SR8.95 billion ($2.3 billion).

The Small and Medium Enterprises constituted 51 per cent of the total applications, SPAreported.

The CEO of Saudi EXIM Bank, Saad Alkhalb told Al Arabiya in an interview that the bank had already launched nine financing products to facilitate Saudi businessmen.

Exports reached 50 countries by the end of September, compared with 46 in mid-August, led by China and India, the bank said.

The most prominent sectors that benefited from the bank’s products are food products by 24 per cent, iron and steel 10.5 per cent and rubber and plastics by 8.4 per cent.

Alkhalb said that the bank is now focused on launching insurance products for local financial institutions and exporters.

“We aim to issue insurance documents amounting to SR500 million in the next 6 months,” he said adding that the bank follows a model that enables local exporters to do their work conveniently.

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