Saudi export bank is in its final phase of launch: minister

RIYADH — Minister of Industry and Mineral Resources Bandar Al-Khorayef said that the export bank is in the final phase of its launch with a capital of SR30 billion.

He said that the bank has virtually started operations by allocating export financing worth around SR5 billion.

In an interview with Ekhbariya Television channel, Al-Khorayef said that the bank will focus on financing its customers and manufacturers and providing guarantees, noting that the bank will help a larger segment of small manufacturers as they will find through it access to their goods.

The minister indicated that the bank’s operation would augment the performance of the Saudi Export Development Authority as the Saudi manufacturers find it as a body not only to finance them but also to market their products.

The export bank would allow the local producers to develop foreign trade, and enhance international relations to benefit both Saudi and foreign investors.

Al-Khorayef said the ministry has a program for "Made in Saudi Arabia."

"Saudi products are required to be made available everywhere in their brand name and hence some of these products needed support," he said while stressing that the Saudi product competes in quality, price and service.

Al-Khorayef stressed that his ministry is working on a design that is dynamic and enjoying higher capability of innovation, adding that the ministry is working along with firms to develop some ideas to develop industrial investments.

Referring to the mining law, the minister said that the panel of experts has completed studies on it and it will soon come up for deliberations in the Shoura Council. “Large number of opportunities will be created with the implementation of the law,” he added.