Saudi Exim Bank has signed line of credit agreements, valued at $51 million, with Türkiye Finans Katılım Bankasi and Albaraka Türk Katilim Bankasi to help boost trade between the two countries and facilitate flow of Saudi non-oil exports to the Turkish markets.

The agreement with Türkiye Finans Katılım Bankası A.Ş sets the amount at $26 million, the one with Albaraka Türk Katilim Bankasi A.S. at $25 million.

The agreements, besides helping to boost trade between Saudi Arabia and the Republic of Türkiye, will also further increase the level of cooperation between the Saudi Exim Bank and the two Turkish financial institutions, said Saudi Exim Bank Deputy CEO Dr Naif bin Abdul Rahman Al Shammari after signing the agreements.

The collaboration will also create new opportunities for Saudi exporters and enable Turkish importers to buy Saudi products and services through tailored financial solutions, he stated.

Al Shammari said: "The two agreements reflect the bank’s continuous efforts to strengthen its partnerships with international financial institutions. Such collaborations will facilitate the expansion and promotion of Saudi non-oil exports and enhance their competitiveness in regional and global markets."

"We strive to invest in the thriving economic relations between Saudi Arabia and the Republic of Türkiye in a way that enhances intra-industry trade, and export of Saudi non-oil products with Türkiye," he added.

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