RIYADH: The Saudi Export-Import Bank has issued insurance policies, totaling $100 million so far this year, to support the Kingdom’s exports to South Africa, the lender’s CEO said. 

In an exclusive interview with Arab News on the sidelines of the Saudi-South African Investment Forum in Jeddah on Oct. 16, Saad Alkhalb added that the bank has plans to increase that amount further, in addition to supporting Saudi investors in South Africa. 

He explained that the most prominent sectors that the bank supports are fertilizers and petrochemicals, and some financial sectors.

He noted that the bank signed a cooperation agreement with the Export Credit Insurance Corporation of South Africa on Saturday to raise the value of exports and imports between both countries. 

In May, Saudi EXIM launched its five-year strategic plan, from 2022 to 2026.

The strategy seeks to facilitate Saudi non-oil exports to reach global markets by closing financing gaps and reducing export risks. 

It focuses on maximizing the economic impact of the bank’s activities and improving customer experience, as well as ensuring financial sustainability and operational efficiency, the report said. 

It is part of the bank’s efforts to contribute to achieving the Kingdom’s Vision 2030 goal of increasing Saudi non-oil exports.