Saudi EXIM Bank approved $1.5bn projects since launch

RIYADH: The Saudi Export-Import Bank has studied projects worth more than SR8 billion ($2.1 billion) of which SR6 billion were approved, since it was launched in October 2019, Bandar Alkhorayef, minister of industry and mineral resources said, Al Arabiya reported Thursday.

The EXIM bank has helped finance SR4 billion of trade with 45 countries across many sectors and companies of all sizes, Alkhorayef said.

The bank is aiming to increase its product range to 17 from the current 6, he said.

“These products aim to help exporters finance their customers outside the Kingdom, especially in countries where there is higher risk or the exporter’s experience is weak,” he said.