Riyadh: The Saudi Export-Import Bank (Saudi EXIM) has signed an export credit insurance (ECI) agreement with Advanced Global Marketing Company (AGMC), a subsidiary of Advanced Petrochemical Company.
This agreement allows AGMC to secure payments for international exports, safeguarding them against the risk of non-payment by international buyers.
The ECI was co-signed by the CEO of the Saudi EXIM Bank, Eng. Saad Al-Khalb, and the CEO of Advanced Petrochemical Company, Eng. Fahad Al-Matrafi at the Saudi EXIM Bank's headquarters in Riyadh.
The CEO of the Saudi EXIM Bank highlighted the bank's commitment to supporting the Saudi non-oil economy. He emphasized their efforts to increase the percentage of Saudi non-oil exports and encourage domestic companies to export their products. This is achieved by enhancing their competitiveness and minimizing the risk of non-payment.
"In light of the growing demand for the petrochemical sector, we are pleased to work with the AGMC, and we are making an agreement which will have an effective economic impact in raising the rate of Saudi exports. We confirm our commitment to continue efforts in cooperation with partners with experience and financial capabilities to enable Saudi non-oil exports, and increase their access to new markets at the regional and international levels in accordance with the objectives of Saudi Vision 2030", he added.