Riyadh – Saudi Export-Import Bank (Saudi EXIM) has signed a non-binding agreement with Australia’s Macquarie Group for credit facilities worth $500 million.

Saudi EXIM will provide the facilities over three years to enhance the group’s purchases of Saudi goods and services, according to the Saudi Press Agency (SPA).

The facilities will also help Macquarie connect exporters in the kingdom with 156 markets worldwide.

The agreement supports Saudi EXIM’s efforts for the development of non-oil exports, and improve its global foothold.

Framework agreement with Allianz Group

Furthermore, Saudi EXIM inked a framework agreement with Allianz International Insurance Group to provide insurance solutions, in order to reduce the risks of non-payment for export and import activities.

Under the agreement, insurance solutions will be provided to facilitate the Saudi industrial sector’s access to global supply chains in more than 50 countries around the world.

The agreement was signed during a workshop organised by Saudi EXIM and Howden International Group at Lloyd’s Global Insurance Market, with over 100 international insurance representatives.

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