Saudi EXIM Provides $2.5 Billion in Credit Solutions to Stimulate Mining Exports

Saudi EXIM Provides $2.5 Billion in Credit Solutions to Stimulate Mining Exports

the Saudi Export-Import Bank (EXIM) has succeeded, during the past years, in providing credit solutions worth approximately SAR 9.3 billion ($2.5 billion) to exporters in the mining sector.

In remarks to Asharq Al-Awsat, EXIM Bank CEO, Eng. Saad Al-Khalab, said that the bank was one of the outcomes of Vision 2030, which aims to increase the ratio of non-oil exports to the gross domestic product.

The Saudi Export-Import Bank was established in Feb. 2020, with the aim to promote the development and diversification of Saudi exports and increase their competiveness in global markets across various sectors, by providing export financing, guarantees and export credit insurance services with attractive advantages.

The bank also seeks to enhance confidence in Saudi exports by supporting their access to new markets and reducing non-payment risk.

Al-Khalab told Asharq Al-Awsat that EXIM was able, over the past three years, to provide exporters in the mining sector with credit solutions at a value of SAR 7.5 billion ($2 billion).

He added that the bank has concluded a financing agreement with Trafigura, a market leader in the global commodities industry, to extend a three-year credit facility of $500 million, with the aim to facilitate the purchase of domestically produced commodities from Saudi Arabia