Arab News, Wed, Nov 22, 2023 | Jumada Al-Uola 8, 1445
Saudi EXIM and Banque Saudi Fransi collaborate to enhance SME export funding
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
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
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
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