Riyadh: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB), and Saudi EXIM Bank have signed an agreement to implement a $25 million line of financing for Egypt's Banque du Caire.

The agreement, signed during the 2024 IsDB Group Annual Meetings in Riyadh, aims to support export opportunities and enable Saudi small and medium enterprises (SMEs) to expand their business in Egypt. It also seeks to facilitate the export of non-oil products to the Egyptian market.

This collaboration falls under the "KSA SMEs Export Empowerment" program, which aims to broaden the scope of Saudi non-oil product exports and attract new importers for Saudi goods in Egypt.

The ITFC and Saudi EXIM Bank are committed to enhancing the competitiveness of Saudi non-oil exports globally and providing credit facilities to financial institutions.

The agreement was signed by ITFC chief executive Hani Salem Sonbol and Saudi EXIM chief executive Saad Alkhalb.