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A Saudi bank signs an agreement with an Iraqi bank to finance exports and imports to the two countries
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Baghdad today - follow-up
The Saudi Export-Import Bank announced the signing of a line of credit agreement to finance Saudi exports with the Iraqi Islamic Bank for Investment and Development, at a value of 75 million riyals. And opening investment horizons that support trade relations between Saudi Arabia and Iraq.
The agreement comes as part of the bank's efforts to provide financing solutions that support the development of Saudi non-oil exports and enhance its competitiveness in the regional and global markets.
The agreement was signed by the CEO of the Saudi Export-Import Bank, Eng. Saad bin Abdulaziz Al-Khalab, and the managing director of the Iraqi Islamic Bank for Investment and Development, Hammam Thamer Kazem, in the presence of the bank’s Chairman, Ahmed Walid Ahmed, and a number of leaders from both sides.
Eng. Al-Khalab explained that "the new agreement is an extension of a strategic partnership with the Iraqi Bank, through which we aim to open investment horizons that enhance trade relations between the Kingdom and the Republic of Iraq, as the agreement represents a new line of credit for financing institutions in the two sister countries that supports importers and allows access to financing for goods or services." or Saudi equipment on competitive terms in line with export credit agency standards.
He affirmed the bank's continuation in building effective partnerships that provide sustainable credit solutions that support building a vibrant and diversified economy in line with the goals of "Saudi Vision 2030" and its aspirations to increase the contribution of non-oil exports to the gross domestic product from 16 percent to 50 percent by 2030.
For his part, Ahmed Walid Ahmed expressed his happiness at starting the partnership with the Export-Import Bank through this agreement, which represents an additional opportunity to open credit lines that enrich the trade movement between the two brotherly countries, and enhance the role of financing institutions in the region in supporting the economies of their countries and increasing promising opportunities to support the export and import movement. between the Kingdom and Iraq, especially in light of the increasing growth of trade between the two countries and the good reputation of Saudi non-oil products and the high quality that distinguishes them in the Iraqi and international markets
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