Saudi EXIM Bank Achieves Remarkable Success, Exceeding Credit Goals By 33% In 2023

The Saudi EXIM Bank has recently unveiled its performance results for the year 2023, showcasing a series of achievements that not only met but significantly exceeded its annual objectives. A noteworthy highlight from the report is the provision of credit facilities which reached a total of SAR16.5 billion, marking a 33% increase over the anticipated target of SAR12.4 billion. This achievement accounts for 5.2% of the total credit facilities dedicated to non-oil exports within the Kingdom.

In addition to surpassing its credit facility goals, the Saudi EXIM Bank also outperformed its disbursement targets. The bank disbursed a total of SAR7 billion, achieving a 20.6% increase over the planned figure of SAR5.8 billion. Furthermore, it significantly boosted its support for export credit insurance, covering exports worth SAR9.5 billion, which is a 44% surge beyond the set target of SAR6.6 billion.

Eng. Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank, emphasized the bank's commitment to enhancing trade connections with global markets and supporting Saudi non-oil exports across more than 150 countries. "This year's outcomes underscore the bank's dedication to its strategic goal of forging trade links with global economies, thereby facilitating Saudi non-oil exports worldwide and contributing to the objectives of the Kingdom's Vision 2030," he stated.

The bank's active participation in seven Saudi trade missions abroad and the signing of 93 agreements throughout 2023 further illustrate its proactive approach in fostering economic ties and trade exchanges globally. These agreements comprised 54 financing agreements, 21 insurance agreements, and 18 cooperation agreements, alongside several memoranda of understanding.

One of the standout achievements was securing a credit facility agreement valued at SAR1.87 billion with Trafigura Company, a leading international export house. This agreement is poised to significantly enhance the facilitation of Saudi non-oil exports.

Eng. Al-Khalb also highlighted the bank's efforts in supporting the growth of small and medium enterprises (SMEs), recognizing their vital role in bolstering the national economy and their contribution to export activities. "This sector serves as a crucial pillar in the growth of the national economy," he remarked, pledging continued efforts towards achieving strategic objectives and overcoming challenges with the support of leadership.

The Saudi EXIM Bank's remarkable performance in 2023 reflects its pivotal role in supporting the Kingdom's Vision 2030 by driving economic diversification and sustainable development through strategic collaborations with government bodies and the private sector.

With inputs from SPA