Saudi EXIM Bank and SNB Form Strategic Partnership to Enhance Non-Oil Exports

KSA, 13 May, 2024 :  In a significant boost to Saudi Arabia's non-oil export sector, the Saudi Export-Import (EXIM) Bank and the Saudi National Bank (SNB) have forged a strategic partnership. This collaboration, marked by key agreements, aims to strengthen the global competitiveness of Saudi non-oil exports in line with Saudi Vision 2030.

The ceremonial signing, held at the Saudi EXIM Bank's headquarters in Riyadh, saw the inking of an insurance agreement covering commercial and political risks, and a substantial Murabaha agreement dedicated to financing non-oil product exports.

Eng. Saad Alkhalb, CEO of Saudi EXIM Bank, highlighted the bank's commitment to fostering partnerships with local financial institutions to bolster the non-oil economy. These agreements aim to bridge financial gaps and mitigate non-payment risks associated with export operations.

Tareq bin Abdulrahman Al-Sadhan, CEO of SNB, praised the partnership between the public and private sectors as essential for enhancing Saudi non-oil exports' competitiveness. He emphasized the significance of providing credit and financing solutions to support sustainable economic growth.

The collaboration between Saudi EXIM Bank and SNB signifies a strategic move towards realizing Saudi Arabia's economic vision. By diversifying its economic base beyond oil, the Kingdom aims to lay down robust foundations for sustainable growth and global competitiveness.

Source : www.onearabia.me