RIYADH: The Saudi Export-Import Bank has signed a reinsurance agreement with Germany’s official Export Credit Agency, managed by Euler Hermes Aktiengesellschaft, with the aim of enhancing credit risk insurance coverage to meet the needs of local exporters of capital goods and production inputs from the Federal Republic of Germany.

This agreement is part of the bank’s efforts to strengthen partnerships with international export credit agencies, ensuring the safe and sustainable flow of essential raw materials and capital goods, and enhancing the efficiency of export activities by local enterprises, according to the Saudi Press Agency.

The agreement was signed by Saad bin Abdulaziz Al-Khalb, CEO of the Saudi Export-Import Bank, and Edna Schone, board member of Euler Hermes Aktiengesellschaft and head of its Export Credit Agency.

Al-Khalb stated that the reinsurance agreement with ECA represents an important step in expanding credit risk management tools and enabling local exporters to obtain the production inputs and capital goods necessary to grow their businesses with greater confidence.

He noted that cooperation with international export credit agencies reflects the bank’s commitment to developing advanced insurance solutions that contribute to the growth of the Kingdom’s foreign trade, as part of its pivotal role in strengthening the non-oil national economy.

Through this agreement, the Saudi Export-Import Bank continues to support the growth of Saudi non-oil exports and expand its network of international partnerships, in alignment with the goals of Vision 2030 to diversify the national economy and enhance the Kingdom’s position in global trade.