Saudi EXIM exceeds annual credit facilities target by 33%

The total value of credit facilities implemented by the Saudi Export-Import Bank in 2023 reached SR16.5 billion ($4.39 billion), exceeding the annual target by 33 percent.

This figure represents 5.2 percent of the total financial arrangements for the Kingdom’s non-oil outbound trade, the Saudi Press Agency reported.

This falls in line with the institution’s aim to enhance confidence in regional exports and their entry into new markets, and aligns well with its goal of adding value to Saudi-made exports and imports.

“The results of the bank’s work during this year reflect the extent of the bank’s focus on its strategic objectives in building bridges of trade communication with the economies of countries around the world, in order to enable Saudi non-oil exports globally and achieve the objectives of the Kingdom’s Vision 2030,” CEO of Saudi EXIM Bank Saad Al-Khalb said.

“The bank has achieved remarkable excellence in key performance indicators, as well as focusing on integrated work with government institutions and the private sector to contribute to national initiatives and strategic plans aimed at supporting the process of sustainable development and economic diversification,” he added.

Moreover, the total amounts disbursed for export financing requests amounted to SR7 billion, reflecting an increase of 20.6 percent from the annual target.

Additionally, the total amounts of exports covered through credit insurance reached SR9.5 billion, up 44 percent compared to the annual target.

In the context of seeking to enhance economic relations and trade exchange with various regional and global markets, the bank participated in a total of seven trade missions abroad.

It also concluded 93 agreements during the year, distributed 54 financing contracts, 21 insurance pacts, and 18 cooperation deals and memoranda of understanding.

The most prominent deal was a credit facility agreement with Trafigura, one of the leading global export houses, worth SR1.87 billion, with the aim of enabling Saudi non-oil exports to reach over 150 countries.

During 2023, Saudi EXIM Bank also intensified its activity toward empowering the small and medium enterprise sector with growth opportunities and raising their contributions to export activities, according to Al-Khalb.