RIYADH: The Saudi Export-Import Bank has announced that it has signed a $26 million financing line agreement with Turkiye Finance Katilim Bank to support the Kingdom’s non-oil exports to the European nation.
The Saudi Exim agreement is the first direct financing pact of its kind, the Saudi Press Agency reported on Saturday.
Saudi Exim also signed a deal with Turkish Export Bank to boost trade cooperation, including the exchange of expertise.
The two agreements were signed by Saudi Exim’s CEO Saad Al-Khalab, Turkiye Finance Katilim Bank CEO Murad Aksim, and Turkish Export Bank CEO Ali Koni.
Both agreements are aimed at supporting trade relations between the two nations with financing and credit guarantees, said Al-Khalab.
Several pacts are in the pipeline to increase Saudi Arabia’s non-oil sector from 16 percent to 50 percent of GDP by 2030, he added.
Aksim and Koni both welcomed the agreements which they said would help develop trade relations and lay the basis for future cooperation.
Koni added that the two nations were well-placed geographically, which would help them strengthen their standing in the global economy.
