Latest news with #SaudiEXIM
Argaam
20-05-2025
- Business
- Argaam
Saudi EXIM Bank receives 1st Fitch rating at 'A+' with stable outlook
The Saudi Export-Import Bank (Saudi EXIM) received its first-ever credit rating from Fitch Ratings, which assigned the bank a Long-Term Issuer Default Rating (IDR) of 'A+' in both foreign and local currencies, with a stable outlook. The agency also gave the bank a Short-Term IDR of 'F1+'. Fitch said the ratings reflect several key factors, including strong government ownership and support, oversight by the National Development Fund (NDF), and the bank's pivotal role in implementing government policies related to export financing, guarantees, and insurance, according to the Saudi Press Agency. The agency added that Saudi EXIM operates as an extension of the government's efforts to diversify the economy and boost non-oil exports, reinforcing confidence in the likelihood of continued government support when needed. On his part, Bandar Alkhorayef, Minister of Industry and Mineral Resources, stated that the bank receiving its first credit rating from Fitch Ratings reflects its pioneering role in supporting the Kingdom's development by enhancing the efficiency of the export ecosystem, bridging financing gaps, and mitigating risks. In a post on X, the minister noted that since its establishment in 2020, Saudi EXIM has provided over SAR 75 billion in credit facilities, enabling non-oil exports to reach more than 150 countries worldwide.
Zawya
23-04-2025
- Business
- Zawya
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.
Zawya
13-02-2025
- Business
- Zawya
Saudi Export-Import Bank (Saudi EXIM) and The International Islamic Trade Finance Corporation Sign an Implementation Agreement for $5 Million Line of Financing in Favor of Alizz Islamic Bank in Oman
Saudi Export-Import Bank (Saudi EXIM) and The International Islamic Trade Finance Corporation (ITFC) ( have signed an Implementation Agreement for $5 million line of financing in favor of Alizz Islamic Bank in the Sultanate of Oman, under the 'KSA SMEs Export Empowerment Program'. The agreement aims to enhance the access of Saudi non-oil exports to Omani markets, promote export opportunities for the SMEs sector in the Kingdom, and attract Omani importers. The agreement was signed by the Director of the Financial Institutions Department at Saudi EXIM Bank Mr. Mohammed Alabdulmuhsen, and the General Manager of the Treasury Department Mr. Ahmed M. Yousef Jan from The International Islamic Trade Finance Corporation. The signing ceremony took place at Alizz Islamic Bank's headquarters in the Sultanate of Oman. 'KSA SMEs Export Empowerment Program' is committed to elevate the competitiveness of the Saudi non-oil exports globally, as Saudi EXIM and ITFC continues to provide credit facilities to targeted financial institutions in targeted countries. This collaboration marks a significant step towards enhancing international trade and increasing the contribution of SMEs to the Gross Domestic Product, aligning with the objectives of the Kingdom's Vision 2030, which represents one of the objectives of the 'KSA SMEs Export Empowerment Program'. It also represents a crucial milestone in enabling Saudi exports and expand their global reach. Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC). Contact Saudi EXIM Bank: Email: info@ Contact International Islamic Trade Finance Corporation (ITFC): Tel: +966 12 646 8337 Fax: +966 12 637 1064 E-mail: ITFC@ Social media: Saudi EXIM Bank: Twitter: LinkedIn: Website: International Islamic Trade Finance Corporation (ITFC): Twitter: Facebook: LinkedIn: About Saudi Export-Import Bank: Saudi EXIM was established to support Vision 2030 by driving the growth and diversification of Saudi non-oil exports. Through advanced financing, guarantees, and export credit insurance, the bank strengthens confidence in Saudi-made products across global markets. It operates as a key developmental arm of the National Development Fund. About the International Islamic Trade Finance Corporation (ITFC): The International Islamic Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group, was established in 2008 to boost trade among OIC member countries. It has provided over $80 billion in trade financing, enhancing trade capabilities and facilitating access to global markets. ITFC aims to be a catalyst for trade development, offering financial solutions and capacity-building tools to help member countries compete effectively in international trade.
Zawya
13-02-2025
- Business
- Zawya
Saudi Exim, ITFC extend $5mln to Oman's Alizz Islamic Bank
The Saudi Export-Import Bank (Saudi EXIM) and the International Islamic Trade Finance Corporation (ITFC) have signed an agreement to grant a $5 million line of credit to Oman's Alizz Islamic Bank. The financing is meant to boost Saudi non-oil exports to Oman and, at the same time, help small-time local businesses in the kingdom grow their exports. The financing deal is in line with the objectives of Saudi Vision 2030, which seeks to help small and medium-sized enterprises (SMEs) expand their market reach internationally. It is also expected to boost the contribution of SMEs to the kingdom's gross domestic product (GDP). (Writing by Cleofe Maceda; editing by Seban Scaria
