海角直播

RIYADH: 海角直播鈥檚 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鈥檚 mandate to help double the Kingdom鈥檚 industrial exports from SR254 billion in 2022 to SR557 billion by 2030, and SR892 billion by 2035, in line with the National Industrial Strategy. 

鈥淭he 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,鈥� said Saad bin Abdulaziz Al-Khalb, CEO of Saudi EXIM Bank. 

He added that the bank鈥檚 progress since its inception underscores its role in building a diversified and sustainable national economy. 

The lender launched the 鈥淏ridges Initiative鈥� to align with the Kingdom鈥檚 industrial transformation to speed up access to industrial inputs and enhance export competitiveness. The program is expected to expand opportunities for Saudi non-oil exports and introduce more flexible financing solutions. 

鈥淎mong the achievements made during this period is the bank鈥檚 obtaining its first credit rating from Fitch International with an A+ rating, which reflects the bank鈥檚 creditworthiness and commitment to the highest standards of efficiency and transparency,鈥� said Al-Khalb.

Fitch Ratings assigns an A+ rating to entities with an exceptionally strong capacity to meet financial commitments and a low expectation of default risk. The agency cited the bank鈥檚 strategic importance as a government-owned entity and its central role in export financing, guarantees, and insurance. 

Saudi EXIM Bank, affiliated with the National Development Fund, is working to diversify the Kingdom鈥檚 economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks. 

On the sidelines of the African Development Bank Group鈥檚 annual meetings in Cote d鈥橧voire in May, the bank signed four agreements to strengthen trade and investment ties across the continent. 

The deals were signed by Al-Khalb with Africa50, the Ghana Export-Import Bank, Blend International Ltd., and Guinea鈥檚 Ministry of Planning and International Cooperation, according to SPA.