The Saudi Export-Import Bank (Saudi EXIM) and the International Islamic Trade Finance Corporation (ITFC) have signed an agreement to grant a $5 million line of credit to Oman’s Alizz Islamic Bank.
The financing is meant to boost Saudi non-oil exports to Oman and, at the same time, help small-time local businesses in the kingdom grow their exports.
The financing deal is in line with the objectives of Saudi Vision 2030, which seeks to help small and medium-sized enterprises (SMEs) expand their market reach internationally.
It is also expected to boost the contribution of SMEs to the kingdom’s gross domestic product (GDP).
(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com )
