Saudi EXIM provides $9bln in credit facilities in 2024, up 103.2% in a year
Riyadh -- The Saudi Export-Import Bank (Saudi EXIM) achieved a significant advancement in the credit facilities offered during 2024, amounting to a total of SAR33.53 billion, up by 103.2% from SAR16.5 billion in 2023.
Through these efforts, the bank aims to enhance the growth of Saudi non-oil exports and strengthen their competitiveness in global markets, marking a continuous upward trend in credit facilitation since the bank's establishment in 2020.
In 2024, the bank's contribution of credit facilities for Saudi non-oil exports amounted to 7.66%, financing and insuring the export of Saudi non-oil products and services. By the end of the year, the total amount disbursed for export financing applications reached SAR11.96 billion, reflecting a 70% increase from SAR7.03 billion in 2023. Meanwhile, the total value of exports covered by credit insurance reached SAR21.57 billion, up 127% from SAR9.5 billion in the previous year.
To boost collaboration with global institutions, Saudi EXIM signed 50 agreements and memoranda of understanding (MoUs) in 2024, including the letter of credit insurance agreement with the Saudi Basic Industries Corporation (SABIC), the largest documentary credit insurance policy in the Middle East. The bank also entered into a US$300 million credit facility agreement with Glencore and signed an MoU with the Export-Import Bank of the United States (EXIM).
Furthermore, the bank hosted the Berne Union Country Risk Specialists Meeting 2024 and launched the Kingdom's first Graduate Development Program for Export Insurance, concluding with employment.
Saudi EXIM, affiliated with the National Development Fund (NDF), is dedicated to enabling the growth of Saudi non-oil exports by closing financing gaps and mitigating export risks, thereby contributing to the growth of the non-oil economy in line with Vision 2030.
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