Written by 23:33 News, Saudi Arabia

To Increase Trade, Saudi EXIM Bank and Bank Alfalah of Pakistan Establish a $15 Million Agreement

To Increase Trade, Saudi EXIM Bank and Bank Alfalah of Pakistan Establish a $15 Million Agreement

RIYADH: To improve the Kingdom’s exporters’ access to Pakistani markets and promote closer trade and economic connections, the Saudi Export-Import Bank and Bank Alfalah of Pakistan have struck a $15 million financing deal. According to the Saudi Press Agency, the new credit line agreement aims to open up new trade opportunities between the two nations and boost the flow and competitiveness of the Kingdom’s non-oil exports.

This is consistent with Pakistan’s attempts to improve trade and business relations with the Kingdom, as the Saudi leadership reiterated in September that it would expedite a $5 billion investment package for the Asian nation. This is also in line with Saudi EXIM’s objective of expanding the Kingdom’s economy by supporting Vision 2030 by providing insurance and financing options for non-oil exports.

“By encouraging importers from Pakistan to import Saudi products and services, the agreement falls within the bank’s efforts to strengthen strategic relationships with international banks and financial institutions to provide financing solutions that contribute to the development of Saudi non-oil exports and enhance their competitiveness in Pakistani markets. This opens up broad prospects for the development of trade and investment between the two countries and creates more promising trade and investment opportunities,” stated Abdul Latif bin Saud Al-Ghaith, general director of the finance department at Saudi EXIM Bank.

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