Cabinet approves Saudi EXIM Bank’s regulations

18/02/2020 Argaam

 

The Saudi Cabinet approved on Tuesday the regulations of the export-import bank (EXIM Bank), Saudi Press Agency reported.

 

The decision was taken based on 2 recommendations submitted by the Council of Economic and Development Affairs.

 

Minister of Industry and Mineral Resources Bandar Alkhorayef announced on Monday the ministry’s plan to launch an export bank to support the industrial sector.

 

In December 2017, Saudi Arabia announced plans to establish an export bank with SAR 30 billion in capital to boost exports and support industrial and mining projects, Argaam reported.

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