PHOTO
Riyadh: The Saudi Export-Import Bank signed a new framework agreement with the International Islamic Trade Finance Corporation (ITFC) to provide financing, insurance and guarantee services to the Bank’s clients. The agreement aims to strengthen the Saudi EXIM Bank’s leading role in stimulating the private sector, as well as supporting and developing companies engaged in exports in Saudi Arabia.
The new framework agreement was signed during a virtual ceremony by H.E. Eng. Saad Abdulaziz AlKhalb, CEO of the Saudi EXIM Bank, and H.E. Eng. Hani Salem Sonbol, CEO of ITFC. The agreement includes the provision of credit facilities products including Pre-Export Financing, Import Financing, Buyer’s Credit, Supplier’s Financing, and Line of Credit for international and local banks.
Commenting on the agreement, H.E. Eng. Al-Khalb said that he is delighted to partner with ITFC to contribute to the Saudi government’s efforts in promoting and supporting exports, banks, and financial institutions. It will also increase the support for Saudi exporters and international buyers of Saudi non-oil goods and services through financing and insurance products. In addition, the partnership will encourage Saudi and non-Saudi financial institutions to expand the provision of direct and indirect credit facilities.
H.E. Eng. Sonbol added that “ITFC recognizes the challenges faced by the private sector in the Kingdom, especially SMEs, and the difficulties they face in terms of access to financing services necessary to support their commercial and export activities. Through our new partnerships, we aim to support the Saudi EXIM Bank to provide them adequate and appropriate access to financing and credit facilities.”
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
