New Saudi export bank to launch finance services in October

Saudi Arabia’s new export bank will offer direct and indirect finance as well export credit services as of October 2019, the Saudi Export Development Authority (SEDA) told Al-Eqtisadiah newspaper on Wednesday.

“We are working with the competent government authorities on completing the regulatory procedures required for setting up the bank,” SEDA said.

The new entity will offer financial, non-financial and credit services to the export and import sector, with a special focus on boosting the Kingdom’s non-oil exports, the authority added.

In December 2017, Saudi Arabia’s energy minister Khalid Al-Falih said the country will establish an export bank with SAR 30 billion in capital, Argaam reported.