Saudi Arabia seeks to ensure insurance-backed exports: Saudi EXIM CEO

Saad Alkhalb, CEO of Saudi Export-Import Bank (Saudi EXIM)

Saudi Arabia seeks to ensure exports are not hindered by insurance, said Saad Alkhalb, CEO of Saudi Export-Import Bank (Saudi EXIM), noting that the bank supports exports to 60 countries worldwide.

Saudi EXIM started to conclude partnerships with financial institutions and commercial banks to enhance letters of credit and eliminate financial risks, Alkhalb added during a dialogue session at the Future Investment Initiative (FII) Conference in Riyadh.

Saudi EXIM primarily targets to develop exports and provide funds to financial institutions, backed by the government support of the external trade, exports development. This is in addition to boosting international trade and long-term projects.

The bank intervenes in case of challenges like COVID-19 pandemic, geopolitical tensions, climate change, interest rate hikes, as it supports trade flows and interborder transactions. Similarly, investment banks and financial institutions turn to support exports and trade at the times of uncertainty.