Saudi EXIM Bank inks $101 mln agreements with Dhaman

Agreement signing ceremony

Saudi Export-Import Bank (Saudi EXIM) signed reinsurance agreements worth over $101 million (SAR 379 million) with Arab Investment and Export Credit Guarantee Corporation (Dhaman). 

The agreement comes as part of the efforts to provide financing and insurance products to Saudi exporters, and to increase the competitiveness of local products in foreign markets, Saudi Press Agency (SPA) reported. 

The deals will provide export credit insurance products for a larger base of beneficiaries and support Saudi banks to provide more credit facilities for the export of Saudi non-oil products and enable them to enhance letters of credit received from foreign banks in favor of Saudi exporters. 

Saad Alkhalb, CEO of Saudi EXIM Bank, said that the agreement with Dhaman is part of a series of agreements concluded by the bank to strengthen cooperation with financial and credit expertise houses, building partnerships with specialized institutions that support the various non-oil sectors in the region by providing the best financing and insurance products. The agreement also aims at promoting the region’s trade and business sector, increasing its attractiveness by creating new industries that meet the needs of the local market and providing a high-quality product and competitor in the foreign markets. 

He pointed out that the recent agreement is an important step in the development of the export of Saudi non-oil products and services, in light of the institution’s expertise in the field of insurance and investment guarantee as a major player in the field of investment guarantee and export credit in the region.