JEDDAH: The Saudi Export-Import Bank has signed an agreement with the Islamic Corporation for the Insurance of Investment and Export Credit, to launch a reinsurance product that helps Saudi banks provide more credit facilities for the export of non-oil products.
The agreement was signed on the sidelines of the annual meeting of the Islamic Development Bank group, held in the capital of Uzbekistan, Tashkent, SPA reported.
The Saudi Exim Bank aims to reduce risks and increase the volume of export of national products through strategic partnerships with international and local financial institutions.
The Kingdom’s non-oil exports increased 52 percent year on year in the second quarter of 2021 to SR65.66 billion ($17.51 billion).
