Saudi EXIM Bank, IITFC Pen a US$5Mn Financing deal for Alizz Islamic Bank

By Phyllis KONRAD

Saudi Export-Import Bank (Saudi EXIM) and The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) have signed an Implementation Agreement for $5 million line of financing in favor of Alizz Islamic Bank in the Sultanate of Oman, under the “KSA SMEs Export Empowerment Program.”

The agreement aims to enhance the access of Saudi non-oil exports to Omani markets, promote export opportunities for the SMEs sector in the Kingdom, and attract Omani importers.

The agreement was signed by the Director of the Financial Institutions Department at Saudi EXIM Bank Mr. Mohammed Alabdulmuhsen, and the General Manager of the Treasury Department Ahmed M. Yousef Jan from The International Islamic Trade Finance Corporation.

The signing ceremony took place at Alizz Islamic Bank’s headquarters in the Sultanate of Oman.

“KSA SMEs Export Empowerment Program” is committed to elevate the competitiveness of the Saudi non-oil exports globally, as Saudi EXIM and ITFC continues to provide credit facilities to targeted financial institutions in targeted countries.

This collaboration marks a significant step towards enhancing international trade and increasing 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 also represents a crucial milestone in enabling Saudi exports and expand their global reach.