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By signing agreements with the Saudi Industrial
Development Fund and the International Islamic Trade Finance Corporation (ITFC)
Non-oil exports are one of the fundamental pillars of vision
2030; this was demonstrated by the wise leadership’s Royal Decree of approving
the Private Sector Stimulation Plan and allocating 5 billion SAR to the
Export Financing Initiative as a part of the capital of Saudi Export Import
Bank (Saudi EXIM Bank). Enhancing exports financing is one of the National
Industrial Development and Logistics Program’s initiative for which the Saudi
Export Development Authority (SAUDI EXPORTS) is tasked with completing the
required statutory measures.
SAUDI EXPORTS is currently working on establishing Saudi
EXIM Bank which will be launched in early October 2019 and will provide
integrated financial solutions and services to Saudi exporters. To ensure
available support to the exporters until the establishment of Saudi EXIM Bank,
SAUDI EXPORTS has worked with the Private Sector Stimulus Office within the
Private Sector Stimulus Plan and signed two agreements to finance the exporters
until the launch of the bank. One agreement was signed with Saudi Industrial
Development Fund (SIDF) to provide financing to local exporters as well as
international buyers of Saudi commodities. A sum of 4 billion SAR has been
allocated to the initiative, this sum is a part of the capital of Saudi EXIM
Bank to be established in accordance with the Royal Decree no. (14393), issued
on 25/3/1439 H approving the Export Financing Initiative as a part of private
sector stimulus plan. In addition, another agreement was signed with
International Islamic Trade Finance Corporation (ITFC) to provide financing to local
exporters and international buyers of Saudi commodities. A sum of one billion
SAR has been allocated to the initiative, this sum is also a part of the
capital of Saudi Export-Import bank to be established.
The launch of the Export Financing Initiative is considered
a positive step toward the development of Saudi exports, as financing helps
exporters to complete transactions that they couldn’t otherwise have carried
out due to lack of funding or due to the buyer’s (importer) need for financing.
In addition, exporters in all sectors - excluding crude oil-
can apply for finance via Saudi Export Development Authority website to benefit
from financing products that include financing the international buyers by
providing financing required to the importers with whom Saudi exporter is
dealing, pre-shipping financing which provides financing required to working
capital, and export credit insurance which is the insurance provided to
exporters to overcome the difficulty of obtaining export revenue either for
commercial, political or other reasons.
It is noteworthy that the National Export Strategy supports
the launch of Saudi EXIM Bank which will stimulate the growth of non-oil
exports; It is expected that each one million SAR from the financing provided
by Saudi EXIM Bank will contribute to increase the non-oil exports by between 2
to 3 million SAR. In addition, the Export Financing Initiative within the
private sector stimulus plan will contribute to the competitiveness of several
segments of the national economy and develop its products. It will also improve
the Kingdom’s business and investment environment, and will promote the
developmental role of the private sector in the national economy according to
the Kingdom of Saudi Arabia vision 2030.
It is worth mentioning that SAUDI EXPORTS employs all its
capabilities to improve the efficiency of the export environment, overcome the
barriers that exporters may face, raise awareness about export practices, and
develop human competencies in the field of export. It is also working to raise
the export readiness of the targeted enterprises through an assessment of the
export readiness and consultation services to improve the export capacity of
the target enterprises.
SAUDI EXPORTS also facilitates the creation of suitable
opportunities and export markets for enterprises by providing markets reports
and studies. SAUDI EXPORTS contributes to the emergence of Saudi products to
the target markets through participation in international exhibitions and
matches exporters with international buyers through trade missions and
bilateral meetings on the sidelines of international exhibitions.
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