RIYADH: Saudi Arabia’s Export-Import Bank signed an accession agreement with International Finance Corp., a member of the World Bank Group, to help local exporters tap new international markets.
The deal covers cooperation in trade finance, development, and insurance, and gives EXIM Bank access to IFC’s global syndicated financing platform, expanding its role in international co-financing transactions while strengthening its institutional framework, the Saudi Press Agency reported.
Affiliated with the National Development Fund, Saudi EXIM Bank aims 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.
The agreement was signed in the presence of Saad bin Abdulaziz Al-Khalb, CEO of the bank, and Khawaja Aftab Ahmed, regional director of IFC.
Quoting Al-Khalb SPA reported that the agreement “embodies an important step toward expanding the bank’s strategic partnerships with international financial and development institutions.”
