Saudi Gazette report

RIYADH — The Saudi Export-Import Bank signed a cooperation agreement with Trafigura to provide a credit facility worth $500 million for a period of three years.

The agreement was signed by Deputy CEO of the Saudi EXIM Bank Dr. Naif Bin Abdulrahman Al-Shammari and the Chief Financial Officer of Trafigura Christophe Salmon.

The agreement will enhance Trafigura's purchases of Saudi goods and will also enable it to connect Saudi producers with more than 156 markets around the world.

Dr. Al-Shammari indicated that the agreement comes within the framework of the bank's continuing efforts to expand the spread of Saudi non-oil exports in global markets, in line with the goals of Saudi Arabia's Vision 2030.

He also hopes from this agreement to contribute in opening investment and commercial opportunities between Saudi Arabia and the world, and to have a positive impact in driving the global economic growth, in addition to strengthening international trade exchange.

In turn, the Executive Chairman and CEO of Trafigura Jeremy Weir indicated that the agreement with the Saudi EXIM Bank enhances opportunities for Saudi exports in various fields, such as gold, copper, and complementary industries, to reach global markets.

He said the Trafigura will harness its global resources and knowledge of markets and logistics services to facilitate its mission of transporting Saudi goods to the required destinations.

The new credit facility agreement supports the efforts of the Saudi EXIM Bank aimed at developing Saudi non-oil exports, in addition to strengthening its position in global markets, by providing financing services, guarantees, and export credit insurance.