Saudi EXIM Bank has signed a line of credit agreements, valued at $51 million, with Türkiye Finans Katılım Bankası A.Ş. and Albaraka Türk Katilim Bankasi A.S. to help boost trade between the two countries.
Further, these deals intend to facilitate the flow of Saudi non-oil exports to the Turkish markets. The agreement with Türkiye Finans Katılım Bankası A.Ş sets the amount at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million.
Dr. Naif Al-Shammari Deputy CEO Saudi EXIM
“The two agreements reflect the bank’s continuous efforts to strengthen its partnerships with international financial institutions. Such collaborations will facilitate the expansion and promotion of Saudi non-oil exports and enhance their competitiveness in regional and global markets. We strive to invest in the thriving economic relations between Saudi Arabia and the Republic of Turkey in a way that enhances intra-industry trade, and export of Saudi non-oil products with Turkey. The Saudi EXIM Bank is determined to intensify its efforts to increase the non-oil economy of the Kingdom and contribute to achieving Vision 2030 goals and is also committed to enabling local exporters by providing the most suitable financing and export credit insurance products and services.”
The agreements, besides helping to boost trade between Saudi Arabia and the Republic of Turkey, will also further increase the level of cooperation between the Saudi EXIM Bank and the two Turkish financial institutions.
The collaboration will also create new opportunities for Saudi exporters and enable Turkish importers to buy Saudi products and services through tailored financial solutions.
