Saudi Export-Import Bank will help boost Saudi exports: Al-Khorayef

The bank provides credit solutions that contribute to expediting and facilitating export operations in the private sector: minister

  
Image used for illustrative purpose. Container ship in import export and business logistic.

Image used for illustrative purpose. Container ship in import export and business logistic.

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RIYADH The Saudi Export-Import Bank (EXIM) will help boost Saudi exports as it provides financial support to exporters as well as importers, said Minister of Industry and Mineral Resources Bandar Al-Khorayef on Monday.

He said that the bank provides 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 share of non-oil exports in the GDP.

Al-Khorayef made the remarks during the launch of EXIM’s website. He praised the interest of the government of Custodian of the Two Holy Mosques King Salman 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 in line with the goals of the Kingdom's Vision 2030.

Al-Khorayef explained that EXIM, 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 EXIM, Naif Al-Shammari, said 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 saudiexim.gov.sa 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 SR8 billion, which included export operations to more than 45 countries around the world.

 

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