Saudi EXIM approves credit applications of over SAR 5.5 bln in Q1 2022

Logo of Saudi EXIM

The Saudi Export-Import Bank (Saudi EXIM) approved credit applications of more than SAR 5.5 billion by the end of Q1 2022.

The value of approved financing requests during the same period amounted to more than SAR 2.5 billion, benefiting companies investing in the energy, petrochemicals, packing and packaging, trade, contracting, agriculture and technology industries, Saudi Press Agency reported.

The value of approved insurance applications amounted to more than SAR 3 billion, which were allocated for local companies, financial institutions and banks, provided that these credits provide insurance coverage that empowers Saudi exporters and promotes the presence of Saudi non-oil products in regional and global markets.

The bank signed five agreements and Memoranda of Understanding (MoUs), as part of the endeavor to open more credit lines to empower Saudi exporters, expand the scope of its partnerships and open new investment horizons for different sectors. It also signed partnership agreements in various fields, including banking and investment services and technical and manufacturing solutions, to boost the efficiency of energy and industrial companies as well as power and water projects and logistics.

Saudi EXIM will continue to provide financing and insurance solutions to export the products of vital sectors, as part of the government’s endeavors to develop emerging sectors and their inputs.