Saudi EXIM Bank and Swiss counterpart Sign Deal To Promote Trade exchange

Saudi-based EXIM Bank and its Swiss partner have consented to a contract to support the Kingdom’s non-oil trades, upgrading their worldwide market competitiveness. The Saudi bank expressed that the reinsurance contract with the Swiss Export Credit Office was endorsed in Zurich.

This improvement follows Saudi EXIM's marking of reinsurance settlements with a consortium of worldwide reinsurers driven by Swiss Re in Zurich. These partnerships will extend worldwide insurance tasks in a joint effort with the world's biggest reinsurers and give protection inclusion to help the development of Saudi exporters in worldwide business sectors.

The trade connection between Saudi Arabia and Switzerland has been strong, with exports from the Kingdom to the European country adding up to $810.67 million every 2023, according to the UN's information base on international trade.

The Kingdom’s main exports to Switzerland included pearls, valuable metals, and aluminum, valued at $587.57 million and $139.39 million, respectively. However, Swiss exports to Saudi Arabia increased to $6.77 billion in 2023. In the meantime, Saudi EXIM likewise marked a $20 million acknowledgment line understanding for Turkey-based Aktif Bank to improve the progression of Saudi non-oil exports to Turkish business sectors.

In October 2023, Saad Al-Khalb, Chief of EXIM Bank, added that the principal order of the monetary foundation is to help the Kingdom’s economy and stream of merchandise, exchanges, framework and long-haul projects. In January, the Saudi bank additionally consented to a contract with its US partner to support collaboration and help reinforce monetary and trade relations between the two nations.