TASHKENT — The Saudi Export-Import Bank (EXIM Bank) has signed an agreement with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), to launch a special insurance product that helps Saudi banks to provide more credit facilities for the export of Saudi non-oil products, and enable them to increase their ability to enhance letter of credit received from foreign banks for the benefit of Saudi exporters.

The agreement, which was signed by the CEO of the Bank Eng. Saad Bin Abdulaziz Al-Khalb and the CEO of the Islamic Corporation for the Insurance of Investment and Export Credit Osama Bin Abdulrahman Al-Qaisi, on the sidelines of the annual meeting of the Islamic Development Bank Group in Tashkent, Uzbekistan. Islamic Development Bank President Dr. Mohammad Bin Sulaiman Al-Jasser attended the signing ceremony.

This agreement comes within the bank's continuous efforts to reduce risks and increase the volume of export of national products through strategic partnerships with international and local financial institutions.

Al-Khalb praised ICIEC’s role in developing the credit system in the region and the Kingdom, noting that the bank is working to diversify and expand its partnerships with local and international financial and credit institutions.

He added that the bank will continue to engage in partnerships and agreements to support and diversify financing products and innovate attractive financing and credit solutions that meet the aspirations of all partners and beneficiaries and enable Saudi banks to support the export of Saudi non-oil products.

This will enhance the competitiveness of the Saudi product, increase the economic impact of non-oil exports on the GDP, and diversify the alternative economy as a strategic goal for the country that supports the Kingdom’s vision 2030 and its aspirations to build a prosperous and sustainable economy. — SPA