Saudi EXIM Bank has announced the signing of a cooperation agreement with the Arab National Bank (ANB). Under the terms of the deal, Saudi EXIM Bank will issue guarantees in favour of the Arab National Bank to enable Small and Medium Enterprises (SMEs) to obtain the necessary financing for export transactions.
The agreement would also enhance the participation of commercial banks in financing export operations and provide exporters with more options for financing export transactions.
Under the terms of the deal, the Saudi EXIM Bank guarantees up to 80% of the financing volume directed to small and medium-sized enterprises. The guarantee provided for a single enterprise can reach up to 30 million Riyals.
“This agreement is an extension of our efforts to enhance Saudi non-oil exports and increase the competitiveness of Saudi goods and services globally,” said Saad Al-Khalb, CEO of the Saudi EXIMt Bank.
“It is also in line with the bank’s strategy to strengthen the cooperation with the private sector and increase financing for SMEs by providing guarantees to commercial banks.”
Al-Khalb also stressed Saudi EXIM Bank’s commitment to achieve the objectives of the Kingdom’s Vision 2030, which aims to boost non-oil exports to 50% of the GDP by 2030 and achieve a diversified and sustainable national economy.
