Saudi EXIM Bank signs agreement with ITFC

Saudi EXIM Bank signs agreement with ITFC

Riyadh -- Saudi EXIM Bank has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) to implement a $25 million financing line for Habib Bank Limited (HBL) in the Islamic Republic of Pakistan to develop export opportunities for the Kingdom's Small and Medium Enterprises (SME) sector to export non-oil products to the Pakistani market. The agreement comes within the framework of the 'Enabling Export Activities of SMEs' program, which aims to increase export opportunities for Saudi SMEs and attract new importers of Saudi goods in Pakistan. The International Islamic Trade Finance Corporation (ITFC) and the Saudi EXIM Bank are working to enhance the competitiveness of Saudi non-oil exports to expand in international markets by providing credit facilities to financial institutions in the target markets. ITFC is also cooperating with the Small and Medium Enterprises General Authority (Monsha'at) within the [program's framework] to organize trade meetings for Saudi enterprises with potential partners in several countries and various sectors such as pharmaceuticals, food industries, and others. The agreement was signed in the presence of the President of the Islamic Development Bank (IsDB), Dr. Mohammed bin Sulaiman Al-Jasser, during a meeting of the program's partners at the International Islamic Trade Finance