Riyadh, December 29, 2023, Saudi EXIM Bank has solidified its commitment to fostering economic ties between Saudi Arabia and the Republic of Türkiye by signing line of credit agreements totaling $51 million. These agreements, inked with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S., aim to facilitate increased trade and pave the way for the smooth flow of Saudi non-oil exports into Turkish markets.
Dr. Naif bin Abdul Rahman Al-Shammari, Deputy CEO of Saudi EXIM Bank, formally signed the agreements, designating $26 million for Türkiye Finans Katılım Bankası A.Ş. and $25 million for Albaraka Türk Katilim Bankasi A.S.
The primary objectives of these agreements extend beyond bolstering trade; they also signify a strategic move to elevate cooperation between Saudi EXIM Bank and the two Turkish financial institutions. This collaborative effort is expected to unlock fresh opportunities for Saudi exporters, providing Turkish importers with tailored financial solutions to facilitate the procurement of Saudi products and services.
In expressing his views on the agreements, Al-Shammari emphasized their significance in fortifying the bank's alliances with international financial institutions. He highlighted the pivotal role these collaborations play in expanding and promoting Saudi non-oil exports, enhancing their competitiveness on both regional and global fronts. The overarching goal is to invest in the flourishing economic relations between Saudi Arabia and Türkiye, fostering intra-industry trade and facilitating the export of Saudi non-oil products to Türkiye.
Al-Shammari further underscored the unwavering commitment of Saudi EXIM Bank to intensify efforts aimed at boosting the non-oil economy of the Kingdom. The bank is resolute in its dedication to contributing to the realization of Vision 2030 goals. In line with this commitment, Saudi EXIM Bank aims to empower local exporters by providing tailored financing solutions and export credit insurance products and services that align with their needs and aspirations.
