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.
