Saudi Gazette report

RIYADH — An independent EXIM (export and import) bank with a capital of SR30 billion will be set up to provide financing to local exporters and foreign importers in line with international best practices in export finance, according to the Saudi Exports Development Authority.

The Authority said the bank will bridge the gaps in financial services being provided to the export and import sector.

This came during a meeting of exporters with Secretary General of Saudi Exports Development Authority Saleh Al-Sulami organized by the Industry, Energy and Mineral Resources Committee of the Riyadh Chamber of Commerce and Industry (RCCI).

Discussions focused on the issues and challenges facing exporters.

The Authority said it is working on an initiative to enhance export financing within the plan to stimulate the private sector and provide financing to local exporters and international buyers till the establishment and operation of the bank.

The meeting also dealt with overcoming the challenges facing export development in line with the Kingdom’s Vision 2030.

Work is under way on 32 projects within four major initiatives, the Authority launched as part of the National Exports Strategy. These include setting up the bank, improving export environment efficiency, developing export capability for Saudi firms, promoting the initiatives of exporters and their products and finding exports opportunities for them.

Al-Sulami stressed that 2020 will be a prosperous year for Saudi exports.