Saudi EXIM Bank credit facilities rise 128% in H1

The Saudi Export-Import Bank has announced a notable increase in its credit facilities for non-oil exports, with a 128 percent year-on-year rise to SR16.31 billion ($4.34 billion) in the first half of 2024.

This growth includes SR7.03 billion allocated for export financing, a 142 percent increase compared to the same period last year, and SR9.28 billion in export credit insurance, reflecting an 11.8 percent increase from 2023, according to a press released.

The upward trend in these figures underscores the success of EXIM Bank since its establishment in 2020. This aligns with the Kingdom’s Vision 2030, which aims to diversify the economy and enhance non-oil exports. According to EXIM Bank CEO Saad Al-Khalb, this significant growth is a direct result of the Saudi government’s support and strategic direction in fostering sustainable development and economic diversification.

“This was, of course, reflected in the growth and development of institutions and companies in the private sector. Our figures today also prove the continuous maturity of the export system and the great demand from local exporters to benefit from the capabilities provided by the bank to expand their export activities and enter new markets, as well as the success in motivating international buyers to import Saudi products,” Al-Khalb added.

Al-Khalb highlighted that the increase in credit facilities demonstrates the maturity of the Saudi export system and the growing demand from local exporters.

The bank’s efforts are focused on strengthening global trade relations and supporting the Kingdom’s economic objectives by collaborating with both government bodies and the private sector. This strategy not only helps local exporters expand their activities and enter new markets but also attracts international buyers to Saudi products.