The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org) and the Saudi Export-Import Bank (Saudi EXIM Bank) have signed an Implementation Agreement for a Line of Financing of USD 25 million in favor of Bank Al Habib Limited in the Islamic Republic of Pakistan. This agreement is strategically designed to catalyse export opportunities and enable small and medium enterprises (SMEs) sector in the Kingdom of Saudi Arabia, facilitating exports of non-oil products to the Pakistani market.
Under the “KSA SMEs Export Empowerment” Program, this collaborative effort aims to broaden export horizons for Saudi SMEs, fostering increased participation and attracting new importers of Saudi goods in Pakistan. The ITFC and Saudi EXIM Bank, committed to elevating the competitiveness of Saudi non-oil exports globally, provide credit facilities to targeted financial institutions. ITFC also collaborates with The Small and Medium Enterprises General Authority “Monsha’at” within the framework of the Program in organizing business matching opportunities for Saudi enterprises with potential partners in several countries and in various sectors such as the pharmacy sector, food industries, and others.
The signing ceremony, held at the ITFC headquarters in Jeddah, took place under the auspices of H.E Dr. Mohammad Al-Jasser, Chairman of the Islamic Development Bank (IsDB) Group. The event witnessed the participation of H.E Eng. Saad AlKhalb, CEO Saudi EXIM Bank, H.E Eng. Hani Salem Sonbol, CEO ITFC and H.E Mr. Sami Ibrahim Alhussaini, Governor of Monsha’at.
This collaborative endeavour signifies a crucial step forward in fortifying international trade and elevating the contribution of SMEs to the gross domestic product, aligning with the objectives of the Kingdom’s Vision 2030, which represents one of the objectives of the KSA SMEs Export Empowerment Program.
It is worth mentioning that a tripartite memorandum of understanding was signed in 2022 between the ITFC, Saudi EXIM Bank, and Monsha’at, launching a comprehensive Program to empower export activities for SMEs in the Kingdom of Saudi Arabia.
The Program is geared towards enhancing Saudi non-oil exports through key areas such as capacity building, access to export markets, advisory services, and export financing, and consequently paves the way for SMEs to thrive and expand.
Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
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About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socio-economic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.
About the Saudi Export-Import Bank:
It was established in 2020 with the aim of promoting Saudi non-oil exports and enhancing its competitiveness across various sectors in global markets. This is done by providing financing services, guarantees and credit insurance with competitive advantages to enhance confidence in Saudi products and increase the contribution of non-oil industries to 50% by 2030 from the current percentage of 16%, which is a major goal of the Kingdom’s Vision 2030. The Export-Import Bank is one of the development funds that are supervised by Saudi National Development Fund.