EXIM Bank to boost non-oil exports, says Industry Minister

Minister of Industry and Mineral Resources Bandar Alkhorayef said that the Saudi Bank of Exports and Imports (EXIM Bank) will play a key role in achieving one of the fundamental objectives of Saudi Vision 2030 aimed at increasing non-oil exports from 16% to at least 50% of the total non-oil Gross Domestic Product in 2030.

The Cabinet approved yesterday Feb. 18 the regulations of EXIM Bank.

Read: Cabinet approves Saudi EXIM Bank’s regulations

He added that the bank will support the industry sector, which is focal to the government's efforts in promoting development, Saudi Press Agency reported.

Alkhorayef also noted that the capital of the bank to be approved by the National Development Fund

will be determined taking into consideration supporting exporters and fulfilling their needs.

In December 2017, Saudi Arabia announced plans to establish an export bank with SAR 30 billion in capital to boost exports and support industrial and mining projects, Argaam reported.