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 Establishment of an EXIM Bank with SAR 30 Bn in Capital

calendar 12/14/2017 12:00 PM


His Excellency Eng. Khalid bin Abdulaziz Al-Falih, Minister of Energy, Industry and Mineral Resources, Chairman of the Board of Directors of the Saudi Export Development Authority, announced the establishment of an EXIM Bank with SAR 30 billion in capital to boost the exports and support Saudi industrial and mining projects. His remarks came in a speech delivered by H.E. on Wednesday at the annual "IKTVA" forum and exhibition organized by Saudi Aramco in the presence of His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Region, and His Royal Highness Prince Ahmed bin Fahad bin Salman, Deputy Governor of the Eastern Region.

His Excellency also revealed that SAR 5 billion have been allocated to the new bank as a first installment this year, indicating that no talks about the enablers of the National Industrial Development and Logistics Program would be well-made without referring to the government financing for industrial and mining projects, as the capital of the Saudi Industrial Development Fund has been increased several times, from SAR 500 million at establishment to SAR 65 billion this year.

For his part, the Secretary-General of the Saudi Export Development Authority, Mr. Saleh Al-Solami said that having an EXIM bank in Saudi Arabia will help boost the development of exports through the financing of both foreign and local exporters and importers. The bank will also provide solutions intended for all the stages of the export process, that would contribute to bridging the gaps in the financial services provided to the Kingdom’s import-export sector.

Al-Solami pointed out that “Saudi Exports” will cooperate to provide exporters with services within the solutions provided by the EXIM Bank in order to promote the non-oil exports in international markets in general, encourage their access to global markets and provide tools and means to overcome the obstacles to Saudi national products.

Al-Solami stressed that the EXIM Bank will provide integrated banking solutions based on international best practices in order to enhance the export financing and the Saudi international trade system and to develop the non-oil exports in line with the Saudi Vision 2030. The bank will offer several solutions including opportunities to finance exporters and importers, services for exporters through “Saudi Exports”, integration with the financial services provided to the import-export sector by commercial banks instead of competing with them while also ensuring compliance with the appropriate controls and maintaining a greater level of flexibility than private banks. 

It is worth mentioning that "Saudi Exports" employs all its capabilities to improve the efficiency of the export environment; build export capacities; promote exporters and their products; create export opportunities; develop programs for exporters; encourage them; promote Saudi products in international markets and increase their competitive quality in order to help them access these markets in a way that reflects the position and quality of the Saudi product and serve as a tributary to the national economy. The work of "Saudi Exports" comes as a translation of the Saudi Vision 2030 and a response to the aspirations of the wise leadership towards diversifying the sources of income of the national economy.

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