Saudi Exports, ITFC launch export finance initiative
The International Islamic Trade Finance Corporation (ITFC) has entered into an agreement with the Saudi Export Development Authority (Saudi Exports) to support the implementation of the Export Finance Promotion Initiative.
The initiative is a result of a Royal Decree to establish the Saudi Export Import Bank (Saudi Exim Bank), earmarked for beginning in October 2019, and which aims to enhance the competitiveness of non-oil sectors in the national economy.
ITFC will support Saudi Exports in executing the programme, with the overarching aim of stimulating private sector development.
As part of the agreement, ITFC will act as Saudi Exports' investment agent to provide investment management services within the scope of the latter's export financing initiative in the lead up to the establishment of the Saudi Exim Bank.
Under the Initiative, ITFC will provide export and import Shariah-compliant financing to support Saudi companies and support the growth of non-oil exports through attractive financing solutions, said the statement.
