The Saudi EXIM Bank has signed an export credit insurance policy with Evonik Industries Marketing Company (ETM) to Protect the risk of non-payment associated with international buyers, thereby catalysing the growth of Saudi non-oil exports and enhancing its prospects of accessing new regional and global markets.
The agreement was signed by His Excellency Eng. Saad Al-Khlab, CEO of Saudi EXIM Bank, and His Excellency Eng. Abdul Mohsen Al-Muhaidib, General Manager of Evonik Industries at the Riyadh headquarters of the bank.
Commenting on the partnership with ETM, His Excellency Eng. Saad Al-Khlab stated: “The collaboration is an extension of the bank’s continuous commitment to bolster the export endeavours of national institutions. The agreement will enable Saudi non-oil exports to enter the world’s most competitive markets. We are pleased to cooperate with Evonik Industries to drive the growth of Saudi non-oil exports across the world markets.”
Emphasizing on the significance of the agreement, His Excellency Abdul Mohsen Al-Muhaidib said: “The partnership will create wide opportunities for national enterprises to increase their exports and enter new international markets without any repayment risks. The agreement also offers and credit facilities for emerging sectors, one of the most important engines of economic growth in the Kingdom.”
In addition to protecting the risk of non-payment, the export credit insurance policy of the Saudi EXIM Bank helps companies to expand their customer base in new markets by developing relationships and trust with importers, increasing competitiveness with international players,