EXIM Bank signs framework agreement with ITFC to support private sector

Logo of Saudi EXIM Bank

The Saudi Export-Import Bank (EXIM) signed a new framework agreement with the International Islamic Trade Finance Corporation (ITFC) to provide financing, insurance and guarantee services to the bank's clients. The agreement aims to strengthen the Saudi EXIM Bank's leading role in stimulating the private sector, as well as supporting and developing companies engaged in exports in the Kingdom, SPA reported.

The agreement includes the provision of credit facilities products including pre-export financing, import financing, buyer's credit, supplier's financing, and line of credit for international and local banks.

The cooperation with ITFC will contribute to the Saudi government's efforts in promoting and supporting exports, banks, and financial institutions. It will also increase the support for Saudi exporters and international buyers of Saudi non-oil goods and services through financing and insurance products.

In addition, the partnership will encourage Saudi and non-Saudi financial institutions to expand the provision of direct and indirect credit facilities, Saad AlKhalb, Chief Executive Officer (CEO) of the Saudi EXIM Bank, said.