Minister of Industry inaugurates headquarters of Saudi EXIM Bank

EXIM Bank's board meeting

Minister of Industry and Mineral Resources, and Chairman of the board of directors of the Saudi Export-Import Bank (Saudi EXIM Bank), Bandar Alkhorayef, inaugurated today, Feb. 13, the bank's headquarters in Riyadh.

The minister toured the headquarters and met with the bank's employees. He was briefed on the bank's most prominent achievements over the past year, as well as the efforts taken to enable Saudi non-oil exports and increase their competitiveness abroad, state-run Saudi Press Agency reported.

The EXIM Bank continued its efforts to develop the export of Saudi products and diversify and develop the local economy by providing credit facilities and loans worth more than SAR 15.5 billion in 2022. The share of export credit insurance applications stood at about SAR 9 billion, while export financing applications reached nearly SAR 6.4 billion. The facilities supported export activities in various vital sectors such as fertilizers, petrochemicals, glass, plastics, iron and steel.

The bank also worked to expand its partnerships with international financing and credit institutions, allowing for new credit lines to boost exports.