Saudi EXIM Bank’s credit facilities more than double to $8.93bn.

The Saudi Export-Import Bank more than doubled its credit facilities in 2024, reaching SR33.53 billion ($8.93 billion), as the Kingdom ramps up efforts to boost non-oil exports to international and high-potential markets. 

The institution’s credit facilities rose 103.2 percent year on year, with disbursements for export financing reaching SR11.96 billion — up 70 percent from 2023. The value of exports covered by credit insurance also climbed 127 percent to SR21.57 billion over the same period, according to a statement. 

This aligns with the bank’s goal to double the value of Saudi industrial exports from SR254 billion in 2022 to SR557 billion in 2030, and SR892 billion by 2035. It also reflects the financial entity’s mission to enable Saudi exports to reach global markets by bridging financing gaps and mitigating export risks.

Speaking at an event in Riyadh, EXIM Bank CEO Saad bin Abdulaziz Al-Khalb emphasized the growing need for specialized export financing institutions, citing the complexities of global supply chains and the limitations of traditional commercial banks in managing cross-border trade risk.

At the 7th edition of the Knowledge Diwaniya, organized by the Ministry of Finance’s Mutamam Center, the CEO also noted that non-oil exports had grown by over 100 percent from 2020 to 2024, thanks to the support of the Kingdom’s leadership, and emphasized the bank’s role in enabling this growth. 

The bank also entered into a $300 million credit facility agreement with commodity firm Glencore and signed an MoU with the Export-Import Bank of the US. 

Saudi EXIM also hosted the Berne Union Country Risk Specialists Meeting 2024 and launched the Kingdom’s first Graduate Development Program for Export Insurance. 

Source: Arabnews