Banks sign cooperation agreement to help boost Saudi exports

The agreement aims to boost the role of commercial banks in financing exports with the help of EXIM’s financial services solutions

  
A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

REUTERS/Faisal Al Nasser
 

RIYADH: Saudi Minister of Industry and Mineral Resources and CEO of the Saudi Export Import Bank (EXIM) Bandar Al-Khorayef on Tuesday witnessed the signing of a cooperation agreement between EXIM and Bank AlJazira in the presence of Tarek Othman Al-Kasabi, chairman of Bank AlJazira’s board of directors.

The deal, signed by Dr. Naif Al-Shammari, Saudi EXIM’s acting CEO, and Naif Al-Abdulkareem, CEO of Bank AlJazira, aims to boost the role of commercial banks in financing exports with the help of EXIM’s financial services solutions in cooperation with banks and financial institutions.

Al-Shammari said the agreement was part of the bank’s efforts to develop Saudi exports by offering a comprehensive package of finance and credit solutions covering all stages of the exports process in the Kingdom.

He pointed out that the pilot launch of the bank had seen a number of credit solutions being offered to ensure the availability of Saudi products in foreign markets while maintaining regional and international competitiveness, and added that more products such as guarantees and export credit insurance were in the pipeline.

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