Riyadh: The Saudi Export-Import Bank (Saudi EXIM) achieved a new milestone in its development journey, with total credit facilities reaching SAR100 billion since its establishment in 2020. The achievement underscores the bank's ongoing efforts to strengthen the national economy by supporting enhancing the regional and global competitiveness of Saudi non-oil exports.
According to Saudi Press Agency, this milestone reflects Saudi EXIM's pivotal role as a key contributor to the growth of the Kingdom's non-oil economy, supporting development and economic objectives closely aligned with Saudi Vision 2030. The vision aims to raise the share of non-oil exports from 16% to 50% of the non-oil gross domestic product (GDP), thereby diversifying the economic base and ensuring sustainable growth of the Kingdom's economy.
Saudi Exim Bank Chief Executive Eng. Saad Alkhalb attributed the milestone to the unwavering support of the Kingdom's leadership for the comprehensive and sustainable Saudi development journey.
'In a brief period, the Saudi EXIM has achieved a series of valuable successes and accomplishments,' Alkhalb stated, highlighting the bank's rapid progress in extending credit facilities that enable Saudi non-oil exports to expand and reach markets across the globe.
Reaching SAR100 billion in total credit facilities crowns these efforts during the first year of the bank's actual launch following the completion of its establishment phase last February, Alkhalb said.
Looking ahead, Saudi EXIM affirmed moving confidently toward the future with a commitment to supporting sustainable economic development in the Kingdom. It strives to expand regional and international partnerships that enable Saudi non-oil exports to scale and compete globally.
The bank was established in February 2020 and operates under the supervision of the National Development Fund (NDF). It aims to support and develop non-oil exports by bridging financing gaps and mitigating export risks, thereby enhancing economic growth sustainability and diversifying national income sources.