RIYADH: As the state lender increased its efforts to stimulate non-oil export development, Saudi Arabia’s Export-Import Bank increased lending facilities by 44% in the first half of the year, reaching SR23.61 billion ($6.29 billion).
According to the Saudi Press Agency, credit insurance coverage increased 58.8% to SR14.74 billion in the six months ending June, while export finance disbursements increased 26.2 percent to SR8.87 billion.
By the National Industrial Strategy, the expansion bolsters the bank’s mandate to assist in doubling the Kingdom’s industrial exports from SR254 billion in 2022 to SR557 billion by 2030 and SR892 billion by 2035. The CEO of Saudi EXIM Bank, Saad bin Abdulaziz Al-Khalb, stated, “The bank’s leap in the credit facilities offered this year reflects the extent of the tireless efforts and strategic plans that seek to achieve all economic development goals.
Entities with an extraordinarily high ability to fulfill financial obligations and a minimal anticipation of default risk are given an A+ rating by Fitch Ratings. The government-owned bank’s strategic significance and its pivotal position in export finance, guarantees, and insurance were mentioned by the agency.
By enhancing the effectiveness of the country’s non-oil export system, addressing funding shortages, and mitigating export risks, Saudi EXIM Bank, a partner of the National Development Fund, aims to diversify the Kingdom’s economy.
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