Saudi Export-Import Bank (Saudi Exim Bank) has signed a deal with the International Islamic Trade Finance Corporation (ITFC) to implement a $25 million financing line for Pakistan’s Habib Bank Limited (HBL).

The agreement is in line with a strategy to boost the country’s non-oil exports and support small and medium-sized enterprises (SMEs) in the kingdom, according to a statement on Tuesday.

Under Saudi Arabia’s ‘SMEs Export Empowering Program’, the financing agreement seeks to broaden the export horizons for small businesses in the kingdom, as well as attract new importers of Saudi goods in Pakistan, the statement noted.

ITFC and Saudi Exim Bank are working together to make Saudi non-oil exports more globally competitive and provide credit facilities to targeted financial institutions.

ITFC also conducts business matching opportunities for the kingdom businesses with potential partners in several countries and in various sectors, such as pharmacy and food industries, among others.

In 2022, ITFC, Saudi Exim Bank and the Small and Medium Enterprises General Authority (Monsha’at) signed a memorandum of understanding (MoU) to roll out a comprehensive programme to boost export activities of SMEs.

(Writing by Cleofe Maceda; editing by Bindu Rai)