RIYADH: In order to increase the Kingdom’s non-oil exports and raise its competitiveness on the international market, Saudi EXIM Bank and its Swiss equivalent have reached an agreement.
The Saudi lender said that the reinsurance agreement with the Swiss Export Credit Agency was signed in Zurich in an X post after the deal.
This comes after a group of international reinsurers headed by Swiss Re in Zurich and Saudi EXIM signed reinsurance treaties. Through these agreements, the largest reinsurers in the world will work with Saudi exporters to expand their global insurance operations and provide insurance coverage.
In the meantime, Saudi EXIM also inked a $20 million credit line agreement with Turkiye-based Aktif Bank to improve the flow of Saudi non-oil exports to Turkish markets.
The primary responsibility of EXIM Bank, according to CEO Saad Al-Khalb, is to support the Kingdom’s economy and the movement of goods, trade, infrastructure, and long-term projects, as reported by News in October 2023.
According to a report from the Saudi Press Agency, the EXIM Bank exceeded its annual target by 33 percent in 2023, with the total value of credit facilities implemented reaching $4.39 billion.
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