SR9.4 billion in credit facilities are approved by Saudi EXIM in just nine months.

The Saudi Export-Import Bank (Saudi EXIM) disclosed that from the start of 2022 through the conclusion of the third quarter in September, it had approved credit facilities totaling SR9.4 billion.

According to the Saudi Press Agency, requests for export finance totaled SR3.5 billion, with requests for export credit insurance amounting to almost SR5.9 billion. These requests support export activity in critical industries such fertilizers, petrochemicals, glass, plastics, iron, and steel.

37 credit applications had been authorized up until the end of September, including 24 for financing and 13 for export credit insurance since the start of the year, according to the bank’s recently released third-quarter performance bulletin. More than 60 nations around the world, including the US, UK, China, Sweden, India, France, Pakistan, as well as several Asian, African, European, and South American nations, rely on these credits to fund export agreements to global markets.

These loans were given as a result of the bank’s efforts to create export opportunities for non-oil goods and services, promote the export of domestic products, boost their competitiveness on regional and international markets, and promote commerce between Saudi Arabia and its trading partners.