Saudi EXIM Bank said to start operations soon

Saudi Arabia’s EXIM Bank will start operating at the end of this year or in the first quarter of 2020, as it awaits approval of its system and bylaws, Asharq Al-Awsat reported, citing Saudi Export Development Authority (SEDA) Secretary-General Saleh Al-Solami.

The bank will not compete with commercial banks, as it will complete the financing system in high-risk foreign markets, or in markets that are not funded by some commercial banks, he added.

SEDA has launched an initiative to spur the private sector to finance exporters, with a budget of $1.33 billion, the report said, adding that financing for exporting companies has reached $800 million so far.

Saudi exports have risen 40 percent last year compared to 2017, while the growth rate reached 13 percent in the first half of 2019 compared to the same period of 2018.