Saudi EXIM Bank inks 2 deals for insurance cover to local exports against payment default risks

Agreement signing ceremony

Saudi Export-Import Bank (Saudi EXIM) signed a reinsurance agreement with France-based COFACE for trade, aimed at supporting exports of local services and products globally.

According to Saudi Press Agency (SPA), the agreement is part of the bank's efforts to activate insurance products for Saudi exporters and provide insurance coverage for local exports against the risk of political and commercial payment default.

This will contribute to the increased competitiveness of Saudi products in foreign markets.

The agreement complements the bank's efforts to partner with reinsurers and international credit and insurance institutions to take advantage of global expertise in providing credit solutions that support Saudi exporters in global markets.

Saudi EXIM Bank also concluded a memorandum of understanding (MoU) with France-based Bpifrance Assurance Export Co., with the aim of strengthening cooperation between the two parties at several levels, including exchange of information, expertise and effective credit best practices.