Riyadh, October 02, 2023, The Saudi Export-Import Bank (Saudi EXIM) has formalized an export credit insurance (ECI) agreement with Advanced Global Marketing Company (AGMC), a subsidiary of Advanced Petrochemical Company. Under this pact, AGMC gains the assurance of receiving payments for its international exports, mitigating the risks associated with non-payment by foreign buyers.
The signing of this ECI agreement took place at the Saudi EXIM Bank's headquarters in Riyadh and saw the participation of key executives, including Eng. Saad Al-Khalb, the CEO of the Saudi EXIM Bank, and Eng. Fahad Al-Matrafi, the CEO of Advanced Petrochemical Company.
Eng. Saad Al-Khalb, CEO of the Saudi EXIM Bank, reiterated the institution's dedication to bolstering the Saudi non-oil economy. He emphasized their commitment to augmenting the proportion of Saudi non-oil exports, thereby encouraging domestic enterprises to venture into international markets. This endeavor involves enhancing competitiveness and minimizing the vulnerabilities associated with non-payment.
He further commented, "Given the growing demand within the petrochemical sector, we are delighted to collaborate with AGMC on an agreement that holds significant economic potential, aimed at elevating the volume of Saudi exports. We reaffirm our commitment to ongoing collaboration with experienced and financially capable partners to facilitate Saudi non-oil exports and facilitate their entry into new regional and global markets in alignment with the goals of Saudi Vision 2030."
