The Saudi Export Import Bank (Saudi Eximbank) and the Saudi National Bank (SNB) have signed an insurance agreement to enhance documentary credits and a major Murabaha agreement to finance the export of Saudi non-oil products.

These efforts aim to boost Saudi non-oil exports by providing credit products, insurance, and financing solutions to enhance their competitiveness globally.

Bridging financial gaps

The agreement aligns with the Saudi Vision 2030 objectives to diversify the country's economy, reduce its dependence on oil revenues, and transform its society.

Specifically, these two new agreements aim to support the banking sector's role in increasing Saudi exports by bridging financial gaps and reducing non-payment risks in export operations.

Enhanced access

Access to documentary credits will be enhanced by the insurance policy agreement that will provide cover for commercial and political risks.

Launched by Saudi Arabia in 2016, the objectives of Saudi Vision 2030 include plans aimed at diversifying the economy by expanding sectors such as tourism, healthcare, entertainment, technology, and renewable energy.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.