Minister of Industry and Mineral Resources: The Export-Import Bank is an important source in the development of Saudi exports

Economics News
Published 6 Apr 2021
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Minister of Industry and Mineral Resources: The Export-Import Bank is an important source in the development of Saudi exports

Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, confirmed that the Saudi Export-Import Bank is an important source towards enabling Saudi exports to support exporters and importers of their products and services, by providing credit solutions that contribute to expediting and facilitating export operations in the private sector and overcoming obstacles facing this important activity, with the aim of increasing the economic impact of non-oil exports on GDP.
During the launch of the website of the Saudi Export and Import Bank, Al-Khorayef valued the interest of the government of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud to promote and enable non-oil exports, and for its generous support to achieve the bank’s goals of developing the national economy and raising the proportion of non-oil exports from 16 percent to 50 percent, according to the goals of the Kingdom's Vision 2030.
Al-Khorayef explained that the Export-Import Bank, which was launched recently, will continue its efforts to reduce the gaps in financing Saudi exports, and to serve various segments of the beneficiaries, such as Saudi exporters and foreigners with industrial or commercial activities in the Kingdom, which helps to provide an appropriate environment for the arrival of the Saudi product to various regional and global markets. It is one of the most important strategic objectives of the bank that it seeks to achieve.
For his part, the Acting CEO of the Saudi Export and Import Bank, Dr. Naif bin Abdulrahman Al-Shammari, indicated that the launch of the bank's website comes as part of a plan to develop electronic services that meet the aspirations of customers and beneficiaries, and are in line with the Kingdom's adoption of digital transformation in all financial and banking transactions. The website on is based on modern technologies that allow users and beneficiaries to submit funding requests easily and conveniently, and to obtain information and data to help them determine the appropriate financing products for them and facilitate communication methods with the bank team.
It is noteworthy that the total financing requests for Saudi exports that were approved by the bank since its inception amounted to nearly SR 8 billion, which included export operations to more than 45 countries around the world.

Last Modified Date: 06/04/2021 - 7:14 AM Saudi Arabia Time


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