Saudi Export-Import Bank (Saudi EXIM) signed a $26 million credit line agreement with Türkiye Finans Katılım Bankası to finance Saudi Arabia’s non-oil exports to Turkey. The agreement signed with the Turkish side, which is the first of its kind, was signed by Saudi EXİM Bank CEO His Excellency Eng. It was signed by Saad Alkhalb and Murat Akşam, General Manager of Türkiye Finans.
Saudi EXIM signed another agreement with the Export Credit Bank of Turkey (Turk Eximbank) for multi-faceted cooperation, including sharing expertise and supporting mutual exports between the two countries. HE Eng. Alkhalb signed the Saudi EXIM agreement with his Turkish Eximbank counterpart, Ali Güney.
Both signatures were made during the Turkey-Saudi Arabia Business and Investment Forum held in Istanbul. Through these two agreements, which are part of Saudi Arabia’s partnerships with Turkish financial institutions and the bank’s quest to grow and expand both local and foreign partnerships, the bank will become an ever-growing business that will help Saudi Arabian non-oil exports grow and become globally competitive. will be able to offer a range of loan solutions and services.
Alkhalb said, “These two agreements are a step forward in the relations between the Kingdom of Saudi Arabia and the Republic of Turkey and a new trade route. The agreements are part of Saudi EXIM’s efforts to assist Saudi exporters and Turkish importers with a range of financing and loan solutions and to address gaps in financing our exports to Turkey.
Alkhalb added that Saudi EXIM will make agreements with more local and international financial institutions to support Saudi exports, thereby helping to increase the contribution of non-oil exports to gross domestic product from 16 percent currently to at least 50 percent by 2030. .
General Manager of Türkiye Finans, Murat Akşam, said that the agreement with Saudi EXIM improves the commercial relations between Saudi Arabia and Turkey and offers a new opportunity for mutually beneficial investment opportunities. The evening also stated that Saudi EXIM has a respected position in the finance and credit market and is a big supporter of Saudi exporters and Turkish importers.
Ali Güney stated that the agreement between Turk Eximbank and Saudi EXIM opened a new page in mutual trade. He stressed that the Turkish side is keen to develop cooperation between Turk Eximbank and Saudi financial institutions for the benefit of both countries, which enjoy ideal geographical locations and strong reputations in global markets for the benefit of global trade, and that both countries share their desire to rise in the global trade arena.