New Saudi EXIM Bank-International Islamic Trade Finance Corporation (ITFC) Framework Agreement to Boost Private Sector and Non-Oil Exports
The Saudi Export-Import Bank signed a new framework agreement with the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) to provide financing, insurance and guarantee services to the Bank’s clients. The agreement aims to strengthen the Saudi EXIM Bank’s leading role in stimulating the private sector, as well as supporting and developing companies engaged in exports in Saudi Arabia.
The new framework agreement was signed during a virtual ceremony by H.E. Eng. Saad Abdulaziz AlKhalb, CEO of the Saudi EXIM Bank, and H.E. Eng. Hani Salem Sonbol, CEO of ITFC. The agreement includes the provision of credit facilities products including Pre-Export Financing, Import Financing, Buyer’s Credit, Supplier’s Financing, and Line of Credit for international and local banks.
Commenting on the agreement, H.E. Eng. Al-Khalb said that he is delighted to partner with ITFC to contribute to the Saudi government’s efforts in promoting and supporting exports, banks, and financial institutions. It will also increase the support for Saudi exporters and international buyers of Saudi non-oil goods and services through financing and insurance products. In addition, the partnership will encourage Saudi and non-Saudi financial institutions to expand the provision of direct and indirect credit facilities.
H.E. Eng. Sonbol added that “ITFC recognizes the challenges faced by the private sector in the Kingdom, especially SMEs, and the difficulties they face in terms of access to financing services necessary to support their commercial and export activities. Through our new partnerships, we aim to support the Saudi EXIM Bank to provide them adequate and appropriate access to financing and credit facilities.”
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
International Islamic Trade Finance Corporation (ITFC)
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Saudi Export-Import Bank (Saudi EXIM Bank)
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$55 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.
About the Saudi Export-Import Bank (Saudi EXIM Bank):
Saudi Export-Import Bank (Saudi EXIM Bank) was founded in 1441 AH corresponding to 2020 AD with the aim of promoting the development and diversification of non-oil Saudi exports and increasing their ability to compete in global markets in various sectors through providing export financing, guarantees, credit insurance and other facilities to enhance confidence in Saudi exports. Saudi EXIM Bank is one of the supervised development funds and banks by the Saudi National Development Fund (NDF).
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