Saudi EXIM Doubles Credit Facilities in First Half of 2024

The Saudi Export-Import Bank (Saudi EXIM) has announced a significant surge in credit facilities provided during the first half of 2024. The bank extended SAR16.31 billion in financing and insurance, marking a 128% increase compared to the same period last year. This growth reflects the bank's commitment to supporting Saudi non-oil exports and expanding the Kingdom's global market reach. Since its inception in 2020, the bank has consistently expanded its operations. By the end of June 2024, export financing disbursements reached SAR7.03 billion, representing a 142% increase year-on-year. Meanwhile, export credit insurance coverage amounted to SAR9.28 billion, a 118% rise compared to the previous year. Saudi EXIM Bank CEO Eng. Saad Alkhalb attributed this growth to the government's support for economic diversification and sustainable development. He emphasized the increasing maturity of the Saudi export sector and the growing demand for the bank's services. Alkhalb highlighted the bank's role in buildi ng international trade relationships and achieving the goals of Vision 2030. He also stressed the importance of collaboration with government and private sectors to drive economic growth. Source: Saudi Press Agency