Riyadh, September 27, 2023, The Saudi Export-Import (Saudi EXIM) Bank has forged a significant agreement with Trafigura, a prominent player in the global commodities sector, establishing a three-year credit facility valued at $500 million.
The agreement, inked by Saudi EXIM Deputy CEO Dr. Naif Al-Shammari and Trafigura CFO Christophe Salmon, serves the purpose of streamlining the procurement of domestically produced commodities from Saudi Arabia. Additionally, it empowers Trafigura to act as a conduit between Saudi producers and over 156 international markets.
The signing of this pivotal agreement was attended by Jeremy Weir, Executive Chairman and CEO of Trafigura.
Dr. Al-Shammari underscored the strategic significance of such credit facilities, emphasizing their role in expanding the global footprint of Saudi exports. He highlighted the alignment of this collaboration with the goals of Vision 2030, stressing that it will unlock promising investment and trade prospects between Saudi Arabia and nations across the globe. This endeavor is poised to catalyze global economic growth and advance international trade.
Jeremy Weir expressed delight in formalizing this crucial finance agreement with Saudi EXIM Bank, highlighting its potential to fortify business relationships in the country. He elaborated on the opportunities it would create for Saudi producers of commodities like copper, gold, and downstream products to access global markets. Leveraging their extensive global resources, market acumen, and supply chain logistics expertise, Trafigura aims to facilitate this process.
Saudi EXIM Bank, in its commitment to bolster Saudi non-oil exports and bolster their presence in diverse global sectors, offers a suite of financial services, guarantees, and export credit insurance. This collaborative effort signifies a significant step forward in enhancing the Kingdom's economic ties on the global stage.
