Saudi EXIM Bank has announced the signing of a cooperation agreement with the Arab National Bank. Under this agreement, the Saudi Export Bank will issue guarantees in favor of the Arab National Bank to enable small and medium-sized enterprises to obtain the necessary financing for export operations.
Through this agreement, the Saudi Export-Import Bank aims to expand its partnerships with the private sector, supporting small and medium-sized enterprises to enhance their export capabilities. The agreement will also enhance the participation of commercial banks in financing export operations and provide more options for financing export operations for exporters.
The agreement was signed by Engineer Saad bin Abdulaziz Al Khalb, CEO of the Saudi Export-Import Bank, and Obaid Al Rashid, General Manager and CEO of the Arab National Bank.
According to the terms of the agreement, the Saudi Export-Import Bank will guarantee up to 80% of the financing for small and medium-sized enterprises to export Saudi products and services, while the maximum limit for each guarantee may reach 30 million Saudi Riyals.
It is worth mentioning that this agreement contributes to expanding the beneficiary base of the Saudi Export-Import Bank from the small and medium-sized enterprises sector; supporting their expansion plans in exports and facilitating access to necessary funds.
Commenting on this important step, Engineer Saad Al Khalb said: “This agreement is an extension of our efforts to enhance Saudi non-oil exports and increase the global competitiveness of Saudi goods and services. It also aligns with the bank’s strategy to enhance cooperation with the private sector and increase financing for small and medium-sized enterprises by providing guarantees to commercial banks.”
He added that the Saudi Export-Import Bank will continue its efforts to achieve the goals of Vision 2030, which aims to increase non-oil exports to 50% of the gross domestic product by 2030 and achieve a diversified and sustainable national economy.
For his part, Obaid Al Rashid emphasized the importance of this cooperation between the public and private sectors in helping and strengthening the small and medium-sized sector, improving its competitiveness, and expanding its exports. He stressed the bank’s continuous readiness to leverage all its strengths and expertise, and provide the necessary facilities, for the growth of this vital sector, which will help diversify the national economy and enhance income.