The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has entered into an agreement with the Saudi Export Development Authority (Saudi Exports) to support the implementation of the Export Finance Promotion Initiative announced today under the kingdom’s Private Sector Stimulus Program (PSS).
The initiative is a result of a Royal Decree to establish the Saudi Export Import Bank (Saudi Exim Bank), earmarked for beginning in October 2019, and which aims to enhance the competitiveness of non-oil sectors in the national economy.
ITFC will support Saudi Exports in executing the programme, with the overarching aim of stimulating private sector development.
As part of the agreement, ITFC will act as Saudi Exports’ investment agent to provide investment management services within the scope of the latter’s export financing initiative in the lead up to the establishment of the Saudi Exim Bank.
Under the Initiative, ITFC will provide export and import Shariah-compliant financing to support Saudi companies and support the growth of non-oil exports through attractive financing solutions, said the statement.
ITFC CEO Engineer Hani Salem Sonbol said: “ITFC has a proven track record and experience in managing initiatives and programmes aimed at promoting and developing trade in addition to providing innovative financing solutions to meet the needs of member countries. ITFC will work hand-in-hand with Saudi Exports to implement the initiative to boost Saudi export financing as part of the kingdom's Private Sector Stimulus (PSS) Program.”
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