SEDCO Capital REIT secures $452 million Islamic loan from Al-Jazeera Bank

Saudi bank EXIM issues insurance policies worth $100m to support exports to South Africa

RIYADH: The Saudi Export-Import Bank has issued insurance policies, totaling $100 million so far this year, to support the Kingdom’s exports to South Africa, the lender’s CEO has said.

In an exclusive interview with Arab News on the sidelines of the Saudi-South African Investment Forum in Jeddah on October 16, Saad Alkhalb added that the bank plans to further increase this amount, in addition to supporting Saudi investors in Africa. from South.

He explained that the most important sectors supported by the bank are fertilizers and petrochemicals, as well as some financial sectors.

He noted that the bank on Saturday signed a cooperation agreement with the Export Credit Insurance Corporation of South Africa to increase the value of exports and imports between the two countries.

In May, Saudi EXIM launched its five-year strategic plan, from 2022 to 2026.

The strategy aims to facilitate access for Saudi non-oil exports to global markets by bridging financing gaps and reducing export risks.

It focuses on maximizing the economic impact of the bank’s activities and improving the customer experience, as well as ensuring financial viability and operational efficiency, the report said.

This is part of the bank’s efforts to help achieve the Kingdom’s Vision 2030 goal of increasing Saudi non-oil exports.

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