Saudi EXIM Credit Facilities Surge to $7.3B in H1

Saudi Arabia's Export-Import Bank has increased its credit facilities to non-oil exporters by 17.2% in the first half of this year, reaching a total of SR27.67 billion ($7.3 billion). This growth reflects the bank's strategy and efforts to achieve economic targets, according to CEO Saad bin Abdulaziz Al-Khalb.

The credit facilities were split between export financing and export credit insurance for non-oil Saudi products and services, with a total increase from SR23.61 billion available in the same period last year. The bank's financing disbursements totaled SR8.20 billion in the first half of this year, a slight decline from SR8.87 billion over the same period last year.

However, export credit insurance coverage climbed sharply, with total insured export values reaching SR19.47 billion over the first half of the year, an annual rise of 32.09%. Al-Khalb emphasized that the bank's results underline its central role in helping Saudi non-oil exporters expand into global markets.