Riyadh – Mubasher: The Saudi Export-Import Bank signed agreements with 3 commercial banks with a total value of $118 million, on the sidelines of the launch of the ninth annual Saudi Trade Finance Summit .https://8a32752c95fe7b608a214997874f4d71.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
The bank, according to what was reported by the Saudi Press Agency “SPA”, today, Monday, signed an insurance policy to enhance documentary credits with the Saudi British Bank “SABB” amounting to 238 million Saudi riyals; That is the equivalent of $63.5 million .
The document allows SABB to raise its capabilities to accept and further enhance documentary credits in favor of Saudi exports, and to expand its dealings with foreign banks that issue documentary credits; As the insurance coverage contributes to increasing the opportunities for Saudi products to enter new markets and expand into existing markets .
The Saudi Export-Import Bank also signed credit line agreements with the Jordan Money Bank and the National Bank of Iraq with a total value of 55 million dollars to support importers of Saudi goods, services and products in the Jordanian and Iraqi markets .
The two agreements gain their importance from the promising opportunities for Saudi exports to the two brotherly countries and the good reputation of Saudi non-oil products that are characterized by high quality and competitiveness in vital sectors that enrich the region’s markets and contribute to supporting trade relations between the Kingdom and the two brotherly countries .
These agreements come within joint efforts to achieve industrial and financial sustainability, business development, attract investment, provide jobs, and operate logistics facilities, companies, banks, and other parties involved in export operations. This is in light of positive indicators in the second quarter of this year that indicated an increase in the contribution of the non-oil sector to the GDP by 8.4% compared to the second quarter of 2020 .Sorry, the video player failed to load.(Error Code: 101102)
Today, Monday, the ninth annual Saudi Trade Finance Summit kicked off. With the active participation of the Saudi Export-Import Bank, the platinum sponsor of the summit; Under the title “Flexibility in trade, supply chains and treasury management .
The two-day summit, from 15-16 November 2021, brought together experts and leaders of leading financial institutions; To discuss stimulating plans to increase the effectiveness of the economic system, and the changing trends in the trade finance sector; In order to chart the features of the future of the Saudi economy; This is within the framework of joint efforts to develop financial strategies and build effective systems to advance the commercial finance sector .