Saudi EXIM Bank approves loans worth SAR 9.4 bln in 9M 2022

Saudi Export-Import Bank (EXIM Bank) approved credit facilities of SAR 9.4 billion in the first nine months of 2022, Saudi Press Agency (SPA) reported.

 The export credit insurance applications amounted to nearly SAR 5.9 billion, while export financing applications reached SAR 3.5 billion during the period. These facilities will support exports in various sectors, including fertilizers, petrochemicals, glass, plastics, iron and steel, etc.

EXIM Bank approved 37 credit applications, including 24 financing and 13 credit insurance applications, until September 30, 2022.

These approvals support export deals with more than 60 countries, including the US, UK, China, Sweden, India, France and Pakistan, as well as many other nations in Asia, Africa, Europe and South America.

EXIM Bank said that these credit approvals seek to provide more financing and insurance solutions to develop the export of national products and increase export opportunities for non-oil goods and services, thus increasing their competitiveness in regional and global markets. 

Moreover, this aims to enhance trade exchange between the Kingdom and its partners, in line with its strategy for the next five years, by closing financing gaps and reducing export risks.