Saudi Arabia: Small and medium-sized enterprises involved in exports can expect easy access to funding, following a collaboration between the Saudi EXIM Bank and Banque Saudi Fransi. 

Under the agreement, Saudi EXIM will provide banking guarantees in favor of Banque Saudi Fransi, securing up to 80 percent of the financing directed toward SMEs engaged in exporting Saudi-origin products or services.  

The provided guarantee for a single entity can reach up to SR30 million ($8 million), the Saudi Press Agency reported.  

The agreement was signed at the Riyadh headquarters of Saudi EXIM Bank by its CEO Saad bin Abdul Aziz Al-Khalb, and the CEO of Banque Saudi Fransi, Bader Hamad Al-Salloom. 

This initiative is part of Saudi EXIM’s strategy to foster partnerships with the private sector, with a focus on serving SMEs and enhancing their export capabilities. 

Al-Khalb explained that the cooperation agreement with Banque Saudi Fransi is a continuation of EXIM’s efforts to promote the development of Saudi exports, enhance competitiveness, and facilitate the access of non-oil Saudi products to global markets.

He underscored the bank’s commitment to achieving the targets of Vision 2030, especially in increasing the contribution of non-oil exports to the gross domestic product to 50 percent by 2030 and realizing the goals of transitioning toward a more diverse and sustainable economy.   

Al-Salloom stated that the agreement aims to enhance support for emerging sectors of Saudi products and services, serving as a fundamental pillar for diversifying the Saudi economy and increasing non-oil GDP.  

The agreement is expected to open new investment opportunities for non-oil Saudi products and services, fostering further growth in the private sector. 

This collaboration marks a significant step in promoting financial support for Saudi SMEs engaged in export activities, aligning with the broader economic objectives outlined in Saudi Arabia’s Vision 2030.