Saudi EXIM Bank adopts corporate strategy for next 5 years

Saudi EXIM Bank logo 

The board of directors of the Saudi Export-Import Bank (Saudi EXIM Bank) adopted the bank’s corporate strategy for the next five years, the output of which will be implemented as of the start of 2022.

The strategy was approved during the board's fourth meeting for the year 2021, headed by the Minister of Industry and Mineral Resources and the bank's chairman Bandar bin Ibrahim Alkhorayef.

The bank also indicated that the strategy comes in line with the related national strategies, while taking into account the strategic national interests and priorities, adding that the bank's strategy team held a number of meetings with experts and strategic leaders to know their views and directions, which enabled the bank to build an ambitious strategic plan for the next five years, in line with the Kingdom's financial and economic goals as stated in the budget for the year 2022.

The strategy set a package of goals that the bank aspires to achieve and contribute to bridging the gap in export financing, mitigating the risks of exporting and re-exporting non-oil goods and services to Saudi exporters, and enabling local banks and financing institutions, to contribute to the development of the Kingdom's non-oil exports through financing products, insurance and effective partnerships with local, regional and global entities.

The bank has adopted an integrated work plan as the main financial driver for the growth of Saudi non-oil exports for the coming years, in continuation of its efforts to implement the state’s policies to support exports and enhance its competitiveness to enter new markets, as well as develop partnerships to provide opportunities for investments and diversify export products. It also continues to pave the way for continuous cooperation that enables Saudi exporters to benefit from finance and credit experts, stimulate emerging sectors and increase their contribution to supporting the Kingdom's gross domestic product, according to the statement.