Saudi EXIM Bank partners with IFC to expand export financing

17/10/2025 02:50 AST

Saudi Arabia's Export-Import Bank signed an accession agreement with International Finance Corp., a member of the World Bank Group, to help local exporters tap new international markets.

The deal covers cooperation in trade finance, development, and insurance, and gives EXIM Bank access to IFC's global syndicated financing platform, expanding its role in international co-financing transactions while strengthening its institutional framework, the Saudi Press Agency reported.

Affiliated with the National Development Fund, Saudi EXIM Bank aims to diversify the Kingdom's economic base by enhancing the efficiency of the national non-oil export system, bridging financing gaps, and reducing export risks.

The agreement was signed in the presence of Saad bin Abdulaziz Al-Khalb, CEO of the bank, and Khawaja Aftab Ahmed, regional director of IFC.

Quoting Al-Khalb SPA reported that the agreement "embodies an important step toward expanding the bank's strategic partnerships with international financial and development institutions."

He added that the deal strengthens the Kingdom's position as a major hub for trade and investment and supports Vision 2030 goals of diversifying the economy and developing Saudi non-oil exports.

Under the deal, EXIM Bank will also join IFC's main cooperation agreement with various development and regional banks worldwide, providing a framework for future co-financing projects that support sustainable development and facilitate trade flows.

Khawaja Aftab Ahmed, regional director at IFC, said the partnership will help Saudi companies expand internationally and promote sustainable growth through cross-border investments.

EXIM Bank boosted credit facilities by 44 percent in the first half of 2025, reaching SR23.61 billion ($6.29 billion).

Arab News