Saudi EXIM signs 2 credit line agreements with 2 Turkish banks

Saudi EXIM Bank signed two credit line agreements with Türkiye Finans Katılım Bankası for $26 million and Albaraka Türk Participation Bank for $25 million.  

The agreements were signed by Nayef Al-Shammari, Saudi EXIM’s Acting CEO. 

The deals are aimed at promoting trade exchange between Saudi Arabia and Turkey. By bolstering the export of non-oil Saudi products to Turkish markets, the goal is to fortify trade and economic exchange between the two countries.  

They will also forge closer collaboration between Saudi EXIM and Turkish financial institutions, opening up trade opportunities for Saudi exporters. Turkish importers, in turn, are incentivized to explore a diverse array of Saudi products and services through the provision of credit facilities.  

“The signing of these two agreements is part of the bank's strategy to enhance its partnerships with international financial institutions, aiming to provide credit solutions for the development of non-oil Saudi exports and enhancing their competitiveness in regional and global markets,” said Al-Shammari.  

“We are actively seeking to invest in the thriving economic relations between the Kingdom of Saudi Arabia and the Republic of Turkey, fostering bilateral trade and benefiting Saudi non-oil exports to Turkey,” he added.  

Emphasizing Saudi EXIM’s dedication, Al-Shammari highlighted the ongoing efforts to develop Saudi Arabia's non-oil economy in alignment with the Vision 2030 goals. The bank is committed to increasing non-oil exports, fostering a more diversified and sustainable economy. 

Additionally, efforts are underway to empower local exporters by providing them with optimal financial and insurance products and services, he further stated.