• Saudi Exim Bank and the International Islamic Trade Finance Corporation (ITFC) have signed a $25 million financing deal with Habib Bank Limited (HBL) in Pakistan, focusing on non-oil export growth and support for SMEs in Saudi Arabia.
• The financing agreement is part of Saudi Arabia’s ‘SMEs Export Empowering Program,’ aiming to broaden export opportunities for small businesses in the kingdom and attract new importers of Saudi goods in Pakistan.
• Joint efforts by ITFC and Saudi Exim Bank aim to enhance the global competitiveness of Saudi non-oil exports, providing credit facilities to targeted financial institutions.
Saudi Exim Bank has inked a $25 million financing deal with Pakistan’s Habib Bank Limited (HBL), according to media reports.
The agreement, formed in collaboration with the International Islamic Trade Finance Corporation (ITFC), aligns with a strategic initiative aimed at boosting non-oil exports in Saudi Arabia and supporting small and medium-sized enterprises (SMEs) within the kingdom.
This financing arrangement, operating under Saudi Arabia’s ‘SMEs Export Empowering Program,’ is designed to expand the export opportunities for small businesses in the kingdom and attract new importers of Saudi goods in Pakistan.
The joint efforts of ITFC and Saudi Exim Bank are geared towards enhancing the global competitiveness of Saudi non-oil exports and providing credit facilities to targeted financial institutions.
Additionally, as part of its initiatives, ITFC facilitates business matching opportunities for Saudi businesses in various sectors, including pharmacy and food industries, with potential partners in different countries.
Notably, in 2022, ITFC, Saudi Exim Bank, and the Small and Medium Enterprises General Authority (Monsha’at) formalized a memorandum of understanding (MoU) to implement a comprehensive program.
If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.