Saudi EXIM Bank approves 89 financing requests worth SAR 9 bln by end-September

Logo of Saudi Export-Import Bank

Saudi Export-Import Bank (EXIM Bank) has so far approved 89 financing requests at a total value of SAR 8.95 billion by the end of September, Saudi Press Agency reported.

Small and medium enterprises (SMEs) accounted for 51% of the total financing requests.

EXIM Bank also launched nine financing and insurance products that cater for the Saudi exporters’ needs.

In addition, export destinations increased to 50 countries, led by China, India, and Belgium, while South Korea, the US, the UAE, Netherlands, Singapore, Taiwan, and Egypt came among the top 10 export destinations.

Further, food products was one the most prominent sectors that benefited from the bank’s financing products, accounting for 24%. Iron and steel came second with 10.5%, followed by rubber and plastics (8.4%), paper products (7.7%), pharmaceuticals (7.5%), agriculture and fish farming (4.5%), in addition to petrochemicals, construction and building.