Saudi Arabia’s Council of Ministers has approved regulations for the creation of a new Saudi Export and Import (Exim) Bank on Tuesday during a session presided over by Custodian of the Two Holy Mosques King Salman at Al-Yamamah Palace.
Custodian of the Two Holy Mosques King Salman chaired the Council of Ministers meeting at Al-Yamamah Palace in Riyadh on Tuesday.
The forthcoming Exim bank will help establish industrial clusters that contribute to the growth of the Kingdom’s industrial sector, Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef said at a forum this week, adding that the ministry wants to introduce modern technologies and help investors adopt technologies of the fourth industrial revolution.
The Kingdom first proposed the Exim bank to support sales of its goods abroad in 2017. In August 2019, Saudi Arabia firmed up its plans to establish an independent export and import finance bank with a capitalization of SAR 30 billion riyals ($8 billion) to provide financing to local exporters and foreign importers.
The bank was awaiting approval of its system and bylaws to begin operation, according to Secretary-General of the Saudi Export Development Authority (SEDA) Saleh al-Solami.
Today’s approval by the Saudi cabinet brings the Exim bank another step closer to launch.
SEDA will oversee the bank.
