The Saudi EXIM Bank has officially entered into an export credit insurance agreement with Evonik Industries Marketing Company (ETM).
Under the terms of this agreement, Evonik Industries will benefit from an export credit insurance policy that safeguards its international exports by ensuring payment security. This strategic step will shield the company from potential risks associated with non-payment for its products and services provided to global buyers.
The anticipated outcomes of this collaboration are not only expected to strengthen Saudi Arabia’s non-oil exports but also to enhance the nation’s access to new markets, both regionally and on the global stage.
The CEO of Saudi EXIM Bank, Eng. Saad Al-Khlab, and the General Manager of Evonik Industries, Eng. Abdulmohsen Al-Muhaidib, came together to sign this crucial agreement at the headquarters of Saudi EXIM Bank in Riyadh.
“Eng. Saad Al-Khlab highlighted that this partnership seamlessly aligns with the bank’s ongoing commitment to support national export endeavors. By providing essential backing to non-oil Saudi exports, the bank aims to facilitate their expansion into robust and competitive global markets. He expressed his enthusiasm about collaborating with Evonik Industries to boost the outreach and impact of non-oil Saudi exports in the international arena”.
“Eng. Abdulmohsen Al-Muhaidib emphasized the significance of this agreement in offering local businesses extensive avenues to amplify their export activities. With the support of credit facilities tailored to emerging sectors, the agreement sets the stage for national enterprises to engage in increased export ventures and venture into new international markets”.
This export credit insurance arrangement acts as a protective shield for Saudi exporters, guarding them against the risks associated with non-payment from international buyers.
“The benefits extend beyond mere protection, encompassing advantages such as expanding the customer base in existing markets through insurance coverage, gaining access to unexplored markets, building robust relationships and trust with importers, and heightening competitiveness in dealings with international buyers”.
