Saudi EXIM Bank approved SR8.95bn in export financing this year

Saudi EXIM Bank approved SR8.95bn in export financing this year

The Saudi Export-Import Bank (Saudi EXIM Bank) approved financing requests to the tune of SR8.95bn; the bank said in a bulletin on performance for the fiscal year 2021.

The bulletin highlighted the bank’s most significant achievements, within the framework of its commitment to the values of transparency and accuracy with regard to the financing and insurance products it offers.

The bulletin also shed light on the Saudi EXIM Bank’s efforts to support the Saudi exporters and export of Saudi non-oil products, as this falls within the bank’s endeavors to be a major contributor to the development of the national economy and raise the Saudi non-oil exports’ share from about 16% to 50% of non-oil GDP in accordance with the goals of the Kingdom’s Vision 2030.

The bank announced that the total number of approved financing requests increased to 89; with a total value of more than SR 8.95bn.

According to the bank, the small and medium enterprises (SMEs) constituted 51 percent of the total requests. The bank also launched nine financing and insurance products to meet the different needs of Saudi exporters.

The Saudi EXIM Bank’s products also contributed to exporting to 50 countries across the globe. China; India; Belgium; Republic of Korea; the United States of America; the United Arab Emirates; the Netherlands; Singapore; Taiwan; and Egypt are among the top 10 destinations for the Saudi exports.