RIYADH: The Saudi Export-Import Bank approved SR9.4 billion ($2.5 billion) of credit facilities in the first nine months of 2022, in a boost to trade in fertilizers, petrochemicals, and glass.
The share of requests for export credit insurance amounted to approximately SR5.9 billion, in addition to requests for export financing worth SR3.5 billion, Saudi Press Agency reported.
Export activities in plastics, iron, and steel also benefited from the support.
As many as 37 credit applications had been approved, including 24 for financing and 13 for export credit insurance, since the beginning of the year until the end of last September, according to the bank’s recently issued third-quarter performance bulletin.
These credits contribute to supporting export deals to international markets in more than 60 countries around the world, SPA said.
This includes the US, the UK, China, Sweden, India, France, and Pakistan, as well as many Asian, African, European, and South American countries.
The bank aims to provide more financing and insurance solutions to develop the export of national products and increase export opportunities for non-oil goods and services, increasing their competitiveness in regional and global markets, and enhancing trade exchange between the Kingdom and its partners.