Saudi EXIM Bank signs SAR 1.4 bln letter of credit insurance policy with Al Rajhi Bank

Agreement signing ceremony

Saudi Export-Import Bank (Saudi EXIM Bank) signed the largest of its kind insurance policy to promote letters of credit with Al Rajhi Bank, worth over SAR 1.4 billion.

The bank said in a statement that the agreement allows Al Rajhi Bank to increase its capabilities to accept and further strengthen letters of credits in favor of Saudi export products, and expand its dealings with foreign banks issuing letters of credits, as insurance coverage contributes to increasing opportunities for Saudi non-oil products to enter new markets and expand into existing markets.

Saad Alkhalb, CEO of the bank, said that it is seeking to build more effective partnerships with national and global financial institutions, with which the bank is working to provide credit solutions in line with the objectives and aspirations of Vision 2030 to develop non-oil exports and build a dynamic and diversified alternative economy.

On the other hand, Al Rajhi Bank CEO Waleed Al-Mogbel said the partnership with Saudi EXIM Bank strengthens cooperation with local companies exporting products and services, increases work opportunities with them and supports their exports, which are a key pillar for diversifying the economy and increasing non-oil GDP.