RIYADH: The Saudi Export-Import Bank approved loans worth over SR5.5 billion ($1.46 billion) during the first quarter of 2022, the Saudi Press Agency reported.
It is part of the bank’s efforts to boost Saudi exports and help diversify the national economy.
The value of approved financing requests in the first quarter of this year amounted to SR2.5 billion, according to the bank. The figure was utilized by firms in the fields of energy, petrochemicals, technology and agriculture among others.
As for the value of insurance applications, these amounted to SR3 billion during the same period. This was allocated to local firms, banks, and financial institutions.
In addition, since the beginning of 2022, the bank has signed five memorandums of understanding which aim to open more credit lines to empower Saudi exporters.