Saudi Arabia is scaling up its efforts to support global trade. As part of this, Saudi credit facilities more than doubled recently. This growth reflects the Kingdom’s determination to grow its non-oil economy and expand its international reach.
As a result, the Saudi Export-Import Bank increased its total credit offerings to $8.93 billion. This figure shows a 103.2 percent rise from the previous year. Additionally, export financing disbursements rose by 70 percent. At the same time, credit-insured exports increased by 127 percent. These gains highlight the growing power of Saudi credit facilities.
The bank’s strategic plan targets a major rise in industrial exports by 2030. Therefore, it focuses on closing financing gaps and protecting exporters from global risks. This makes the Kingdom’s export financing programs a key tool in promoting trade and supporting national growth.
The bank’s CEO stressed the need for specialized export finance institutions. He pointed out that traditional banks avoid cross-border risks. Because of this, Saudi credit facilities now fill a critical role in trade financing.
At a recent event, the CEO explained how non-oil exports doubled from 2020 to 2024. He credited this progress to government backing and access to dedicated export funding. Hence, the role of the Kingdom’s trade financing support has become even more vital.
In addition, the bank supported more than 7 percent of total non-oil export financing last year. It signed 30 major deals, including insurance agreements with global players. These partnerships further strengthened the impact of Saudi credit facilities.
One key deal involved a $300 million financing agreement with Glencore. Another major move was a memorandum with the US Export-Import Bank. Together, these efforts expanded the scope and strength of the Kingdom’s export funding initiatives.
Moreover, the bank hosted an international trade risk meeting. It also launched the Kingdom’s first export insurance graduate program. These initiatives boost expertise and build confidence in Saudi credit facilities.
The bank now supports exporters, buyers, and global trading firms. It even added new services for input financing, such as raw and semi-finished materials. These efforts make Saudi credit facilities more useful for industrial firms.
Clearly, the Kingdom’s financial support programs play a vital role in reducing risk, funding growth, and expanding global trade.
