Saudi EXIM Bank announced today that it recently concluded an agreement with a leading French institution as part of its efforts to drive the development and diversification of Saudi Arabia's non-oil exports and promote international economic and trade cooperation. Furthering its goal of expanding partnerships in reinsurance, Saudi EXIM Bank signed a new agreement with "Compagnie Française d'Assurance pour le Commerce Extérieur" known as COFACE, a global leader in trade credit insurance. The cooperation aims at supporting importers of Saudi services and products in international markets. The two parties will also collaborate to provide insurance products for Saudi-based exporters to provide insurance cover for exports from the Kingdom against political and commercial non-payment risks, thus contributing to increasing the competitiveness of Saudi products in foreign markets. The strategic partnership comes as an extension of Saudi EXIM Bank's efforts to forge collaborations with reinsurers and international credit and guarantee institutions, to benefit from their expertise in providing credit solutions that support Saudi exporters in global markets. The bank plans to conclude more agreements to support the growth and development of the Kingdom's private sector with a strong focus on non-oil exporters through bridging financing gaps and mitigating export risks. Through its trade development initiatives, Saudi EXIM Bank aims to deliver on the ambitious vision of the of the Kingdom of Saudi Arabia to diversify its economic base by promoting and enabling non-oil exports to increase their contributions to the national economy and the sustainable development of society, in full harmony with the objectives of Saudi Vision 2030, which envisages boosting the exports of Saudi non-oil products and services to raise their share in GDP from 16% to 50% by the end of this decade.
