Saudi EXIM Bank approves loans worth SAR 1.7 bln in 2021

Saudi EXIM Bank CEO Saad Alkhalb

Saudi Export-Import Bank (EXIM Bank) disbursed credit facilities of about SAR 1.7 billion in 2021, according to CEO Saad Alkhalb.

These facilities helped access by Saudi products to more than 50 countries, including Germany, China, India, Indonesia, the US, and others. The bank directed 51% of its total financing to small and medium-sized companies, he said in the bank’s annual report for the year 2021.

Alkhalb also pointed out that the bank launched flexible financing products with competitive advantages, which contributed to increasing the import of Saudi products through direct bank payment to suppliers, and pre-export financing through confirmed purchase orders for Saudi export production inputs. In addition, the bank issued guarantees, import financing, international supply chains, structural financing for international projects, and working capital financing.

The bank rolled out a variety of insurance products, including an insurance policy that provides Saudi exporters with coverage against the risks of non-payment by the international buyer as a result of commercial or political risks, as well as other financing and insurance products that are in the process of being activated next year, he added.

The value of approved credit facilities amounted to SAR 2 billion in 2021, compared to the targeted SAR 1.2 billion. Meanwhile, the bank reported a revenue of SAR 39.48 million, compared to targeted revenue of SAR 3.34 million, according to the report issued by the bank.

The food products sector came on top of financed industrial sectors, with 24.5% of total financing, followed by iron and steel sector with 10.5%, rubber and plastics sector with 8.4%, as shown in the following table: