Saudi Exports Authority to offer soft loans to stimulate non-oil exports

The Saudi Exports Development Authority will sign two agreements to offer soft loans under a new financing program to stimulate non-oil exports, Secretary General Saleh Al Solami said on Monday.

“The authority will receive applications to finance exporters through documentary collection products or supplier financing in target markets,” Al Solami added on the sidelines of the launch ceremony of the National Industrial Development and Logistics Program (NIDLP).

Saudi Arabia aims to boost exports of commodities and services to nearly SAR 1 trillion, in line with Vision 2030.

In 2016, the authority targeted ten industrial sectors that include almost 48 markets overseas. It also targeted other five service sectors, which comprise 32 markets abroad.

The Kingdom has re-exported products to 24 neighboring markets backed by its strategic location. It also seeks to re-export products after applying the value-added tax (VAT).

“Saudi Arabia’s new export bank, which will have SAR 30 billion in capital, will begin operations by the end of this year,” Al Solami said.