Saudi EXIM Bank, ITFC Sign Agreement to Support Private Sector

Riyadh, The Saudi Export-Import Bank (Saudi EXIM Bank) has signed a framework agreement with the International Islamic Trade Finance Corporation (ITFC) to provide financing services to the Saudi EXIM Bank’s clients. The agreement comes to strengthen th...

Riyadh, The Saudi Export-Import Bank (Saudi EXIM Bank) has signed a framework agreement with the International Islamic Trade Finance Corporation (ITFC) to provide financing services to the Saudi EXIM Bank’s clients. The agreement comes to strengthen the bank's leading role in supporting and stimulating the private sector and developing the exports of companies operating in the Kingdom of Saudi Arabia.

The agreement was virtually co-signed by the CEO of Saudi EXIM Bank Eng. Saad bin Abdulaziz Al-Khalb, and CEO of ITFC Eng. Hani Salem Sonbol.

According to the agreement, credit facilities will be offered to the clients including providing finance for exporters and imports. This is in addition to pre-export financing and buyer financing.

The Saudi EXIM Bank, since its establishment, works on providing credit facilities, directly or through partnerships with local and international bodies, to its clients. It also works with commercial banks and financial institutions in order to provide integrated financial services to finance Saudi non-oil exports and enhance their competitiveness worldwide, in light of the goals of Saudi Vision 2030.

Source: Saudi Press Agency