Latest news with #ExportImportBank
Arab News
4 days ago
- Business
- Arab News
Saudi EXIM Bank's H1 credit facilities surge 44% to $6.29bn
RIYADH: Saudi Arabia's Export-Import Bank boosted credit facilities by 44 percent in the first half of the year, reaching SR23.61 billion ($6.29 billion), as the state lender stepped up efforts to accelerate non-oil export growth. Export financing disbursements rose 26.2 percent to SR8.87 billion in the six months to June, while credit insurance coverage surged 58.8 percent to SR14.74 billion, the Saudi Press Agency reported. The growth supports the bank's mandate to help double the Kingdom's industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy. 'The leap achieved by the bank in the credit facilities provided during this year reflects the extent of the tireless efforts and strategic plans that seek to achieve all economic development goals,' said Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank. He added that the bank's progress since its inception underscores its role in building a diversified and sustainable national economy. With an increase exceeding 44% in the first half of 2025, #SaudiEXIM continues to achieve milestones and figures that reflect its role in empowering Saudi exporters and enhancing the competitiveness of our national non-oil products in global markets.#ExpandGlobally — بنك التصدير والاستيراد السعودي (@SaudiEXIM) August 11, 2025 The lender launched the 'Bridges Initiative' to align with the Kingdom's industrial transformation to speed up access to industrial inputs and enhance export competitiveness. The program is expected to expand opportunities for Saudi non-oil exports and introduce more flexible financing solutions. 'Among the achievements made during this period is the bank's obtaining its first credit rating from Fitch International with an A+ rating, which reflects the bank's creditworthiness and commitment to the highest standards of efficiency and transparency,' said Al-Khalb. Fitch Ratings assigns an A+ rating to entities with an exceptionally strong capacity to meet financial commitments and a low expectation of default risk. The agency cited the bank's strategic importance as a government-owned entity and its central role in export financing, guarantees, and insurance. Saudi EXIM Bank, affiliated with the National Development Fund, is working to diversify the Kingdom's economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks. On the sidelines of the African Development Bank Group's annual meetings in Cote d'Ivoire in May, the bank signed four agreements to strengthen trade and investment ties across the continent. The deals were signed by Al-Khalb with Africa50, the Ghana Export-Import Bank, Blend International Ltd., and Guinea's Ministry of Planning and International Cooperation, according to SPA.
News.com.au
18-06-2025
- Business
- News.com.au
Break it Down: EUR welcomes US$120m LOI for Tanbreez rare earth development
Stockhead's Break it Down brings you today's leading market news in under 90 seconds. In this episode, host Tylah Tully looks at the latest from European Lithium (ASX:EUR),who is the largest shareholder of Critical Metals Corp. Critical Metals' Tanbreez project boasts one of the largest rare earth deposits in the world, and the company has just been the recipient of a US$120 letter of interest from the Export-Import Bank of the United States to assist in its development. Tune in to hear all about it. While European Lithium is a Stockhead advertiser, it did not sponsor this content. Originally published as Break it Down: EUR welcomes US$120m LOI for Tanbreez rare earth development
Zawya
17-06-2025
- Business
- Zawya
Korea's Exim Bank to provide $225mln to fund Saudi's Sadawi solar PV project: Report
The Export-Import Bank of Korea will provide $225 million in project financing for the 2 gigawatt (GW) Sadawi solar photovoltaic (PV) Independent Power Producer (IPP) project in Saudi Arabia, according to a news report. The project is being developed by a consortium led by the UAE's Masdar in the Sadawi region, 523 km north of Riyadh. State-run Korea Electric Power Corporation (KEPCO) and China's GD Power are members of the consortium, the Korean Herald newspaper reported. The plant, which spans an area of 39.6 sq km, will feature nearly 3.7 million solar modules, and is expected to generate 6,500 gigawatt-hours (GWh) of energy per year, the report said. Upon its completion in 2027, the power will be purchased entirely by the state-owned Saudi Power Procurement Company (SPPC) for 25 years. The Sadawi project is the largest overseas solar power project undertaken by a Korean company. In July 2024, the state-owned firm provided $150 million for the Al Ajban solar power project in the UAE, which was secured by a consortium comprising Korea Western Power Company and France's EDF Renewables. (Reporting by P Deol; Editing by Anoop Menon) (
Bloomberg
15-06-2025
- Business
- Bloomberg
US Ex-Im Bank May Fund Greenland Rare Earths Mine, Reuters Says
The US Export-Import Bank is considering providing up to $120 million for a rare earths project by Critical Metals Corp. in Greenland, Reuters reported Sunday, citing a letter of interest.
Reuters
07-05-2025
- Business
- Reuters
Turkish bank tells US Supreme Court it should be immune from Iran sanctions charges
May 7 (Reuters) - Turkey's state-controlled Halkbank ( opens new tab asked the U.S. Supreme Court to throw out a lower court ruling saying it could be prosecuted on criminal charges it helped Iran evade American sanctions. In a petition posted this week on the Supreme Court's website, Halkbank said it was entitled to "absolute immunity" under the common law because the sovereign immunity that countries have extends to their instrumentalities. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. Prosecutors said Halkbank helped Iran secretly transfer $20 billion of restricted funds, and helped launder money through the U.S. financial system. In October, the federal appeals court in Manhattan decided that Halkbank could be prosecuted. "The decision below thus authorizes the first criminal trial of a foreign sovereign instrumentality in world history," Halkbank said in its Supreme Court petition. Halkbank also said the decision exposed U.S. agencies such as the Navy, CIA and Export-Import Bank to possible criminal prosecution outside the country, and it was "only a matter of time" before other sovereigns targeted their diplomatic adversaries. The case began in 2019, and is making its second trip to the Supreme Court. In 2023, the court said Halkbank wasn't shielded from prosecution under the federal Foreign Sovereign Immunities Act of 1976, but left open whether the bank deserved immunity under the common law, based on court decisions rather than statutes. The Supreme Court may not decide until its term beginning in October whether to hear Halkbank's appeal. Halkbank said it is 91.49% owned by the Turkish Wealth Fund, which is owned by Turkey. The case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The case is Turkiye Halk Bankasi AS v. United States, U.S. Supreme Court, No. 24-1144.
