Saudi Gazette report

DHAHRAN - Saudi Arabia will establish an export bank with a capital of SR30 billion ($8 billion) to support overseas sales by its industrial and mining projects.

This was announced by Khaled Al-Falih, minister of energy, industry and mineral resources on Wednesday.

“A bank for exports with a capital of SR30 billion will be established to encourage and support exports, and SR5 billion have been allocated as a first installment this year,” he said while addressing the annual In-Kingdom Total Value Add (IKTVA) Forum organized by Saudi Aramco.

Al-Falih said that the talk about the possibilities for the program of development of industry and logistics will not be complete without talking on government funding for industrial and mining projects. He cited that the Saudi Fund for Industrial Development (SIDF) capital has been increased several times, from SR500 million at its inception to SR 65 billion this year. Al-Falih said the IKTVA initiative forms a practical and creative model in which spending is directed towards stimulating industrial and logistic development in the Kingdom and developing national competencies. He stressed that the program is ambitious with a spending volume of over SR1 trillion over ten years by Saudi Aramco.