Saudi EXIM provided credit services worth over SAR 4.5 bln to Africa: CEO

Saad Alkhalb, Saudi EXIM Bank CEO

Saudi EXIM Bank provided over the past three years credit services, including financing and insurance, worth more than SAR 4.5 billion, contributing to the accessibility of the Kingdom's exports to more than 30 African countries so far, CEO Saad Alkhalb said.

On the sidelines of the Saudi-Arab-African Economic Conference, the CEO told Argaam that the petrochemicals, fertilizers, medicines, food and minerals sectors dominated most of the financing offered.

Alkhalb pointed out that, during the conference, Saudi EXIM signed several agreements and memoranda of understanding with a number of African banks as well as financial and development institutions.

This included credit lines agreements aimed to finance Saudi exports worth $150 million with the National Bank of Egypt (NBE), another valued at $10 million with the Nigerian Export-Import Bank (NEXIM), and a third at $25 million to finance importers of Saudi products and services from West African countries through the ECOWAS Bank for Investment and Development (EBID), affiliated with the Economic Community of West African States (ECOWAS).

Africa marks a crucial continent, with a population exceeding 1.3 billion, while the gross domestic product (GDP) of all countries is about $3 trillion, the CEO added.

Meanwhile, he highlighted that the bank is looking to assign representatives in the African continent soon, adding that it is working to support, grow and spread Saudi exports around the world.